Latest Webcast: Invoice Capture

Just wrapped up a Webcast on invoice capture. Here’s a link to where you can find the recorded Webinar.

Invoice Capture: Where Do You Stand in the War Against Paper?

In my presentation, I talked about one of the most time consuming parts of the AP process being how you capture, validate, and deliver all the relevant data from an invoice into your AP systems and processes.  To give you an idea of what I’m talking about, below is a simple diagram illustrating an invoice lifecycle.

 invoice lifecycle

Intelligent capture helps automate digitizing paper invoices, automatically identifying the hundreds/thousands of vendor invoices a company may receive, intelligently reading the data from a invoice (e.g. invoice number, purchase order number, line item details), validating the data (e.g. PO matching), and delivery to an ERP system (SAP, Oracle Financial, etc). The costs and time savings can be substantial for businesses that are receiving even a few hundred invoices on a daily basis.

A couple customer examples I mentioned demonstrate the costs savings.

  • 35 percent productivity improvement of AP personnel
  • Reduced processing time from 9 days down to 2 days
  • Annual savings of $180,000

If you’d like to learn more on this topic, I’d recommend downloading the following analyst paper.

PayStream Advisors: Invoice Imaging and Data Capture for AP Analysts