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Invoice Processing SCANNERS SOFTWARE PARTS  SERVICES  CONTACTS
Invoice Processing software allows for customized data capture to automate the processing of multiple invoice types.
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ICR forms processing software
Invoice Processing Guide
What is Invoice Processing?

What is Invoice Processing?

OCR stands for Optical Character Recognition and is the technology that allows software to interpret machine printed text on scanned images.

Invoice Processing Software uses OCR technology and page layout analysis to automatically identify the common data elements in an invoice, such as vendor, date, amount, invoice number, line item data, etc.. Invoice Processing applications are built using the same technology as data extraction applications, but have been specifically configured to recognize Invoices since they are one of the most common documents that companies need to automate.

Who can benefit from Invoice Processing software?

Who can benefit from Invoice Processing software?

Any organization that receives a large number of vendor invoices on paper can benefit from invoice processing technology. The more data from each invoice that you are hand-keying into your accounting software the more benefit you can get from each page you automate.

Accounting firms and other companies that do outsourced accounts payable processing stand to gain the most return on investment from automation. It also has the benefit of on-shoring the data entry, providing additional security and piece of mind to your customers.

A robust OCR invoice processing solution becomes justifyable when you have over 1,000 invoices per month. When dealing with smaller volumes the potential return on investment does not justify investment in an enterprise solution. However, a simple document capture solution to digitize and store scanned invoices can still provide many benefits.

How much do Invoice Processing systems cost?

How much do Invoice Processing systems cost?

The total cost of a invoice processing solution includes several items:

  • Cost of the software
  • Time to install and configure the software
  • Training the software to recognize your particular vendors and invoice formats
  • Configure data export to your accounting solution
  • User and administrator training
  • Labor required to verify the recognition results
  • IT infrastructure and maintenance costs

Invoice Processing applications can be quite specialized and must be installed and configured by a certified professional. Once the initial configuration is complete, ongoing maintenance, including adding new vendor templates as needed, can be performed in-house or as part of an ongoing engagement with the ScanStore Professional Services team.

Contact Us to get a professional analysis of your project requirements and a full time and cost estimate.

What is the typical Invoice Processing workflow?

What is the typical data entry workflow?

The process of converting a paper invoice to live data in your accounting system is as follows:

  • Paper is prepped for scanning (unfolded, staples removed, etc.)
  • Invoices are scanned on a high-speed document scanner
  • Scanned invoices are recognized with OCR
  • Relevant data is located using keywords & other layout elements
  • Questionable fields are displayed to a data entry operator for manual verification & correction
  • In advanced systems, corrected fields are used to train the template automatically so that data is captured correctly the next time
  • Once all errors are corrected, data is exported directly to your accounting software's database.
How do I find out more about Invoice Processing?

How do I find out more?




 

Solutions for Invoice Processing

Invoice Processing Invoice Processing solutions are grouped into 2 categories. Specialized Invoice Processing applications are pre-configured to handle just invoices. General purpose data capture applications can be configured to recognize all or part of the data from invoices but require you to specifically configure data capture rules for each vendor. Specialized applications are easier to configure and maintain, but general purpose applications cost less and can be configured for use in other document and data capture projects throughout the organization.

Compare Invoice Processing features side-by-side


Specialized Invoice Processing

IRISXtract Invoice Processing IRISExtract Accounts Payable is a market-leading Invoice Processing solution in Europe. ScanStore is proud to be the first US company to offer this cutting-edge solution. IRISXtract has incredibly powerful classification technology capable of extracting most invoice data (including line items) with minimal custom configuration and training. New vendors and recognition errors can be trained on-the-fly by users instead of programmers, constantly improving recognition rates and saving thousands in long-term costs. This technology is as powerful as any solution available in the US market with a very competitive price.


General Purpose Invoice Processing

ABBYY FlexiCapture is a general purpose tool for locating and extracting data on any kind of document. It requires more time to configure than the invoice-specific applications, but it has far more flexibility. ABBYY FlexiCapture Invoice ProcessingThis flexibility can be handy in cases where industry-specific data must also be captured, like Bill of Lading numbers or Fuel Surcharges on trucking invoices. In cases where more detailed setup is required, FlexiCapture becomes much easier to configure than the IRIS solutions. FlexiCapture can also recognize table-formatted data on any document, including invoice line items.

Of course, if you can see the applications of data entry automation outside the accounts payable department, FlexiCapture has the robustness and scalability to be used throughout the organization. The Distributed version of FlexiCapture supports hundreds of scanning, recognition, verification and administration stations that can be located all over the globe.

FlexiCapture Invoice Processing with QuickBooks Video

This video shows how FlexiCapture can be used with the SimpleQB QuickBooks data importer to provide a complete Invoice Processing solution for QuickBooks. Though the focus of this video is on the QuickBooks integration, it demonstrates how invoices are recognized, verified and exported with FlexiCapture. Invoice data exports to more advanced accounting packages can be done directly from FlexiCapture.



Simple Software's SimpleIndex can also be used to recognize key data on invoices as well as many other types of documents. SimpleIndex Invoice Processing With SimpleIndex it is possible to OCR invoice header data such as Vendor, Invoice Number, Date, Amount, etc., though it cannot read line item data. SimpleIndex has no page count limits and a very low price, making it one of the best deals on Invoice Processing. It also has the unique ability to use existing text from MS Office and PDF documents, creating a unique solution for extracting data from electronic documents without OCR.

Simple Software also developed the SimpleQB QuickBooks Data Importer that can take the output from SimpleIndex or any other Invoice Processing available and receive them in QuickBooks automatically.

SimpleIndex Invoice Processing with QuickBooks Integration Video

This low-cost solution is perfect for QuickBooks users that don't require line item data. It uses SimpleQB QuickBooks Importer to import the recognized data and create the transactions.

Using Screen Scraping OCR to Capture Invoices

With SimpleIndex it is also possible to use screen scraping OCR to index invoices automatically by reading the data entry screens from your accounting software. In this scenario, invoices are data entered in the acccounting system normally, then SimpleIndex uses OCR to read the key values from the data entry screen and files the invoice automatically. The result is that data entry times are improved slightly while invoices are digitally archived without any additional effort.

This approach has several advanatages:

  • Configuration and training takes hours not weeks
  • Scanned images are indexed with no extra work
  • All the advantages of digital docs--security, searching, sharing, etc.
  • Use all the data validation features of your software
  • No flipping through paper documents
  • Operator keeps eyes on the screen and hands on the keyboard
  • Data entry can be done remotely
  • Data entry performance improves and files are archived at the same time


 
 
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