Invoice capture solutions
Extract clean invoice data from your paper and electronics invoices, enabling increased speed, accuracy, and efficiency of the AP process.
Manual invoice processing used to be a laborious, costly, and error-prone process for an organization. Around 25 years ago, this started to change, with larger companies implementing basic OCR solutions to automate some key entries. Organisations then began investigating the benefits of using business process management tools to automate the basic workflow. The OCR technologies were developed into machine learning cognitive document analysis tools, and the business process management tools were refined and tailored to focus on a process that virtually all organisations globally have to deal with.
Recent developments in cognitive data capture greatly increased the speed and accuracy of the capture, and the downstream business process has been refined repeatedly to help solve issues in accounts payable departments and the finance division in general.
The requirements and technology both rapidly evolved. Organisations wanted features such as straight through processing and 2 or 3-way matching.
Contact us to learn how we can optimize your automation processes, or continue reading for an overview of our core services and the specific issues they are designed to resolve.
Azets Document Solutions has not only increased the efficiency of our AP processes but has also enabled us to reduce our operational costs by more than 40% compared with our previous supplier.
In today's diverse business landscape, invoices arrive in a myriad of formats. Whilst paper invoices are still used by some organisations, their electronic counterparts are far more widely used and most commonly sent by email. Those emails, whether they reach a dedicated inbox or are forwarded from individual users, often contain PDF invoices or invoices in other formats which, in itself, poses a challenge for businesses seeking efficient invoice processing.
The paper and electronic invoices are processed in the same manner. Invoices are imported or scanned then passed through an Intelligent Document Analysis tool where the software analyses the invoice in much the same way that a human would.
ADS use world-leading technology, not only can it automatically capture data to a level of up to 90% it is also capable of machine learning. Where a field cannot be confidently identified the system will pass the invoice to an operator for manual processing. The system monitors what the operator has keyed and adds additional logic to the capture rules so that the accuracy is always improving.
E-Invoicing, another principal method of invoice processing, has been prevalent for an extended period, primarily through Electronic Data Interchange (EDI) and predominantly utilized by larger organizations. However, as technology evolves and solutions become more standardized, the entry costs have decreased, making e-invoicing accessible to businesses of all sizes. Consequently, the market for e-invoicing is experiencing rapid growth.
The trend towards e-invoicing is expected to continue its upward trajectory, driven by a combination of organizational mandates and new legislative measures. For instance, the ViDA proposal in Europe stipulates that any UK organization engaging in business with European entities will be required to adopt e-invoicing. This regulatory shift underscores the increasing importance and widespread adoption of electronic invoicing in contemporary business practices.
The evolution of technology has led to the establishment of various standards in the market, especially within Europe. PEPPOL stands out as a notable example of this trend. Initially developed for the Public Sector, PEPPOL has now been mandated in several countries and is poised to become a requirement across all sectors in the UK in the foreseeable future.
As one of the select few UK-registered PEPPOL access point owners, ADS is leveraging its significant expertise in PEPPOL, gained from extensive experience in the Nordic region, to the UK market. This initiative reflects our commitment to advancing the integration and implementation of these important standards in the UK.
Azets Document Solutions provide modular solutions that work with and enhance your existing finance and admin systems. Our team will manage the whole process: Starting with a discovery workshop to identify any issues, through to recommending and delivering best of breed digital solutions to improve, automate and maximise efficiencies in your business.
To discuss how we can help your organisation on its digital transformation journey please get in touch:
