Why it makes sense to use invoice scanning automation

Document scanning and digitisation is not a new technology or process, yet it is being adopted by a range of industries at differing rates. While there are large scale campaigns to see the NHS move to a totally paperless operation and many libraries and archives are making the move to digital, research has shown that the Accounts Payable sector, driven by invoice scanning automation, is embracing document scanning at fast speeds.

Accounts Payable benefits from invoice scanning automation

The research, conducted by AIIM aimed to understand the use of paper in the workplace. Amongst other findings, it revealed that paper use was decreasing in Accounts Payables and Accounts Receivables departments by 41% and 39% respectively. Within this, invoice processing specifically was experiencing an, on average, 34% reduction in paper use.

At Pearl Scan we’ve long been promoting the benefits of invoice scanning automation and other invoice scanning services, and the findings of this research show that other organisations are also enjoying the business advantage this service can bring, resulting in this document scanning trend.

Cloud storage platforms leading the way

When further discussing the future of paper-free offices, the study also tackled the subject of cloud platforms. It found that 18% of respondents were actively looking into implementing the Cloud into their operations.

Why it makes sense to use our invoice scanning automation service

At Pearl Scan, we also understand the role that cloud based document storage platforms play in helping to realise a truly paperless office. That is why, as part of our invoice scanning automation service, customers also get access to our complimentary, in-house document management software, Pearl Cloud. Using this it is possible to store, manage and access scanned invoices and related documents at the simple click of a mouse, reducing the time that is wasted on searching for such files every day. This software is given to clients who use our invoice scanning service free of charge, making it silly not to use such a solution!

With the benefits of using invoice scanning automation so clear and simple to achieve, it makes sense for any accounts department looking to invest in better workflow processes for their staff to use it. Here at Pearl Scan, we’ve been helping finance teams to increase efficiency using document scanning for over a decade. Learn more about how you can also boost productivity using the service online

Leap into the new financial year profitably with invoice data capture

Accounting and finance are at the heart of every business – no matter what the sector. But as the UK business world is set to be tested as the country enters a time of uncertainty, now is the time to overhaul the way finance departments work. And one of the most efficient ways to do this is by moving to the ever efficient paperless way of working – according to one of the country’s largest document scanning specialists.

Pearl Scan has over a decade of experience working with businesses all over the UK. The company offers intelligent solutions for helping businesses make the transition to paperless ways of working, and their invoice data capture service has proven to be one of the most valuable. And as April fast approaches and a new tax year looms, now is the prime time to make these streamlining, and often business defining, changes.

Naveed Ashraf, Managing Director at Pearl Scan Group, said, “Although the economy is looking healthy at the moment, there are concerns that as the Brexit wheels start turning, it could put pressure on businesses over the next few years. However despite every company wanting to streamline and make positive changes where necessary, the idea of overhauling paper processes and turning them into digital ones is often overlooked for numerous reasons.”

Typically when buyers receive paper invoices from their suppliers, they have to manually key this into their own accounts or finance system. As with every manual process, this can prove to be extremely time consuming and expensive – accounting for up to 75% of a worker’s time. By using a specialised invoice data capture service however, this time can be freed up, allowing workers to focus on other financial aspects and perhaps help it to grow going forward into the 2017-18 financial year.

Naveed, added, “All too often people assume that digitising a way an organisation or department is run will be too disruptive and expensive. But this is far from the truth – if they choose to use specialist scanning companies.”

5 ways invoice scanning automation helps your business

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 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.

…and 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.

To learn more about our invoice scanning service, contact a member of our friendly team!