This Is What You Need To Know About Your Data Capture Options For Accounts Payable
One challenge facing accounts payable today is that you receive so many different types of invoices. Some arrive on paper with your orders, others are faxed, some come attached to emails, and others arrive in electronic formats such as EDI (Electronic Data Interchange). That becomes a problem when you start trying to process the different types of invoices.
You’ve got two options: either process each type of invoice differently or figure out how to process them all the same way. The first option is a recipe for disaster, so you need a way to standardize your invoice processing. Preferably without too much extra work. And that means finding a way to capture the data from different invoice sources and get it all into one system.
But getting all your information into one system isn’t always enough. You also have to find a data capture system that is accurate and connects with a reliable system for processing the invoices. AP automation, coupled with data capture technology, can help make this whole process a lot easier.
Option One: Manual Data Capture
Keeping your accounts payable department manual limits your options. You’ll have to enter information into your electronic records manually for invoices that arrive as paper, fax, or emailed PDFs. But no matter how careful you are, transferring information into a system by typing it yourself is going to generate errors. It only takes one mistyped number or an out of place decimal point to introduce significant errors to your records. That’s one reason Excel spreadsheets are notoriously error-riddled. There’s just no way to eliminate human error. Even if you take the extra time to have multiple people fact-check every invoice some errors will still creep in.
Option Two: Electronic Data Capture
Alternately, you can use a system that captures data electronically and automatically enters it into your accounts payable system. Ideally, this type of system will scan paper invoices and recognize key fields to capture all the relevant information. It’ll also streamline multiple types of electronic information so you can process all invoices the same way. You’re looking for a system that will be able to work with many different types of invoices and capture all the information it needs. Then it should use that information to process all invoices according to your custom tolerances.
Making Data Capture Work For You
Clearly, electronic data capture has advantages over manual data entry. But that’s only if your system is working properly. Make sure that the AP automation software you choose for your business is guaranteed to deliver accurate data capture. You’ll also want a software provider who’s committed to getting your new system working smoothly. When you choose NextProcess, our proprietary data capture technology ensures over 99% accuracy on every invoice. Plus, we have a near perfect implementation rate and we’re committed to making sure you’re happy with how your new AP automation system is capturing information and processing your invoices before we consider your implementation complete. Contact us today to get started with reliable AP automation software.