If you regularly read finance, business or leadership blogs, you are likely to have come across the term ‘invoice scanning automation’. Using the latest document managing technology, coupled with advanced document scanning systems, this is the process of scanning invoices as they arrive, or scanning a bulk batch of a business’s existing invoices and storing them electronically, rather than keeping them and processing them in their physical paper format.
Are you considering investing in an invoice scanning service for your organisation? Read on as we list the many reasons why it can help your business.
Reduce invoice document storage costs
Storing documents in a physical format, even small invoices, costs a business money. Instead, storing these files digitally using an invoice scanning service reduces these unnecessary outgoings.
Improve accuracy of data entry
Even the most careful accounts payable team member can make errors when inputting invoice and purchase order data, especially when needing to input huge amounts of figures every day. With invoice scanning automation each file is processed with OCR technology, quickly transferring the data into text-readable formats which can be presented in systems such as Microsoft Excel. With accurate data, information is safeguarded and the risk of avoidable, costly mistakes is reduced.
Save time on data entry tasks
As well as ensuring the accuracy, time is saved when switching from manual data entry and processing to an automated option, leaving more time to concentrate on business critical tasks.
Increase productivity and efficiency in the workplace
Once scanned, indexed and categories using OCR technology, a business’s library of financial data is available at a simple text search. Any queries can be solved much quicker, reducing the need for wasting time searching for the invoice in questions, giving accounts payable staff instant access to the figures they need and ultimately increasing productivity.
Gain control over your finances
When using invoice scanning automation, all accounts payable information is available in one, virtual platform. Using this, it is easy for management and accounts staff to gain better control over a business’s finances, making it quick and simple to get an accurate overview to identify any discrepancies and opportunities that may cost, or make your business money.
There are numerous reasons why invoice scanning automation makes a great investment for any business looking for ways to boost productivity, save costs and streamline their accounts departments - this is just the start.