Accounts Payable Scanning is Old Technology

“Accounts payable scanning is old technology,” is a popular refrain that comes up as we talk to organizations. They have issues with their accounts payable department, specifically getting invoices into the system. Although accounts payable scanning provides an alternative copy to paper, it does not truly help to document and store the vital data on the invoice.  Once an organization realizes they have a solution, the question is what to do. This blog will focus on some of the pitfalls at looking at an accounts payable scanning solution.

Scanning is Not Digitization: An accounts payable scanning solution will often just be capturing an image of the invoice, not digitizing the invoice. There still needs to be additional steps to get the data from the invoice into the system.

Moving the Paper: Paper is often a sign of an inefficient process. The truth is, reducing paper invoices can save money. Processes built around scanning are often re-enforcing the continued use of paper and slowing down your data entry. We have talked to some prospects that are shipping containers of invoices to lower cost geographies solely for the tasks of scanning and entry paper documents.

Manual Effort: Accounts payable scanning still means manual effort is needed.  There is the time consuming management around the handling of the documents, but also around the individual entry of the data. Most scanning solutions require extra steps to enter the data manually into a system.

Timeliness: Many organizations have busy times relating to seasonality or large projects.  These extra invoices can mean a delay in getting the information into the system and visibility of these invoices. The fact that manual effort is needed means that these bottlenecks can often not be avoided. We have run into some organizations that can not take advantage of quick pay situations, even though they have the funds available, because they can’t process invoices fast enough.

Scalability: We wrote a blog recently about emailing invoices is not a scalable solution.  The same goes for accounts payable scanning. This is because, increases in invoice volume means dealing with more hardware, people, or managing an outsourced relationship.

Approvals: One of the other big areas that gets overlooked by focus on the scanning, is the approval process. As an example, using OnePosting means that things like PO matching, approval limits, and routing can all be programmed in and automated. Relying on accounts payable scanning only, you may still have major process issues related to the approvals.

If you would like to understand how OnePosting can assist with digitizing invoices for your organization, book a meeting today with our team!

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Want to learn more about how OnePosting can help your business with smarter invoicing?

Digitizing Invoices with OnePosting

Over the last year, we have changed our branding from smarter invoicing to a focus on digitizing invoices. We feel that digitizing invoices is a better representation of what OnePosting helps our clients resolve. Our solution is fairly unique in the industry, as we can extract the data from an emailed PDF. right down to the line item from an e-invoice. Here are a few of the main differentiators of the OnePosting solution.

 

Removing the Manual Mapping and Data Entry from the Accounts Payable Team

OnePosting seamlessly handles the complexity of invoice data extraction through artificially intelligent robotic data extraction software. Below are some accounts payable examples to better illustrate what OnePosting is able to do:

  • Some vendors will submit multiple invoice formats and we can process every one that they issue
  • Invoices where columns can sometimes be omitted, e.g. quantity, tax – our system is able to infer these values
  • Invoices with excessive descriptions where the transaction details can appear at variable locations within the body of an invoice
  • Formats where the entire content of an invoice shifts up, down, left or right
  • Multiple fonts on an invoice which causes specific challenges when amounts don’t align with labels

We also provide suppliers with the ability to send their invoices digitally into the system very easily. For Accounts Receivable, there are three core ways that we help organizations after digitizing invoices:

  1.  Emailing a PDF. attachment to a specific Acosta labelled OnePosting email address
  2. Entering their invoice through the Acosta website portal we will set up for suppliers
  3. Using our PO flip solution to take the Acosta PO and flip it to an invoice by the supplier for submission electronically into the system

Real-Time Invoice Processing

Getting visibility of invoice data to the line item, at the time invoice received, can be very valuable. Here are a few of the ways we process invoicing in real-time:

  • 94% of invoices are available in ‘real-time’ which means that decision-making can be improved because up-to-date and accurate information is available
  • The remaining 6% of invoices are typically placed in quarantine because of issues such as invalid business unit invoiced, errors on the invoices themselves, or suspected duplicate invoices.
  • Vendors can be provided with a ‘window’ to view the progress of their invoices which in turn reduces vendor queries, further leveraging the benefits of ‘real-time’ information.

Advanced ‘Backfill Engine’

OnePosting manages a variety of scenarios where essential data is missing from invoices both for processing and driving key decision making. This functionality is a big differentiator with us and allows us to process a high volume of invoices in a timely manner. Some of these examples include:

  • Non purchase order invoicing
  • Calculating the tax that applies to transaction lines where this information is not provided.
  • Processing discounted pricing where discounts are not specified.
  • Estimating a price where only a quantity and line total are provided.

If you would like to understand how OnePosting can assist with digitizing invoices for your organization, book a meeting today with our team!

Book a Meeting

Want to learn more about how OnePosting can help your business with smarter invoicing?

invoice digitization

Benefits of Invoice Digitization

One of the big current themes in finance is digital transformation. One of the best places to start is invoice digitization. An invoice is a dated and addressed list of goods sent or services provided, with pricing and tax details. The digitization of this invoice allows for the information to support automated processes. The digitaization of an invoice unlocks the information within the invoice. This information can then be used in many different ways to support Accounts Payable, Accounts Receivable, and many different reporting uses. Here are a few of the benefits for your organization to look at invoice digitization.
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