Automated Invoice Processing
SmartSoft Invoices – Key Benefits
Automated Invoice Processing and Scanning Software
SmartSoft Invoices is a solution from SmartSoft that enables organizations to automate their invoice scanning and processing. The product is based on the company’s Optical Character Recognition (OCR) and Intelligent Character Recognition (ICR) technologies to deliver high accuracy levels and maximized efficiency. SmartSoft Invoices performs automatic scanning, data extraction, validation, and archiving, as well as export straight into your accounting or ERP system.
Key Benefits of SmartSoft Invoices
Reduced costs and saves time
How much does invoice processing cost per invoice? It is just not possible to give a straightforward answer to this question. The truth is, companies are very different and have adopted various ways to process invoices. Research by the Institute of Financial Operations (IFO) indicates that the average manual invoice processing costs range from $5 to $25, depending on the business type and workflow scheme. According to a study from Forester Research, the number goes up to $60. Even though different businesses report various costs, the chances are you are somewhere in the 5-25 range. The larger your company, the more invoices you are dealing with, and the more business locations you have, the higher you are paying for invoice processing. Time is also an important factor to consider, as time means more money. How fast are you currently processing invoices?
Our clients have reported that with the help of our solution, they have managed to reduce invoice processing costs to an average of $2 per invoice, with much lower costs for larger organizations with more complex structures. Additionally, they have reduced invoice turnaround by a minimum of 50%.
A lot of people associate automation with complexity and hassle. While there is always an adaptation period, SmartSoft Invoices is very simple and fast to integrate into your existing business systems and workflows. The solution is designed to work for a wide variety of business operation scenarios as is, and we do additionally provide custom automation software for companies that need it.
You will need to repurpose some of the accounts payable employees that were responsible for the processing of invoices to other positions, but apart from this, SmartSoft Invoices will easily fit in your current routine. For most of our clients, the implementation process takes only a couple of days.
Automatic Validation and Classification
SmartSoft Invoices performs automatic checks on the data fields and validates the inserted information. The solution is designed to be as simple and straightforward as possible so that extensive training is not required. SmartSoft Invoices does not even have to be operated by an accounting professional. The software clearly indicates any fields that require attention, enabling the operator to easily spot and fix errors.
Invoices are automatically classified for easy archiving. You can select your preferred sorting criteria, such as by vendor or invoice type, and automatically send all invoices of a specific category to the appropriate folder.
Various export options are available depending on your requirements. You can choose to archive the processed invoices as searchable PDF documents or keep the extracted data as a CSV file. SmartSoft Invoices integrates with your accounting or ERP system, which not only helps for validation but also inserts the data straight into the system for further processing.
For many clients, it is rewarding enough to automate the scanning process – even without having to OCR their documents. Scanning is a large part of digitalization: a tedious task that can be very time-consuming and therefore cost a lot of money. SmartSoft Invoices connects seamlessly to the scanner, enabling you to scan batches of documents directly for processing.
The most successful automation projects include scanning all paper documents as soon as they have entered the company. This saves tons of time from routing each one of them to the appropriate department for review, approval, and processing. Additionally, digitalization minimizes the risk of lost and misplaced documents that increase turnaround times and can lead to rocketing costs.
Visibility is often a significant issue with paper-based invoice processing, causing slow turnaround cycles and workflow hindrances. In many cases, the invoices go from department to department until they finally reach the accounts payable. This can be a very slow process, taking days and even weeks – and in the meantime, the documents can be very difficult to trace. In addition, your company is losing money not only as a result of the time your employees are spending on handling the invoices but also due to the inability to qualify for early payment discounts. With SmartSoft Invoices, you will benefit from clear visibility through the entire process. Invoices are scanned and then classified and archived as digital files, easy to access by employees at any time for review, approval, and processing.
Reduced Error Rate
The error rate is a factor of paramount importance when it comes to an organization’s financial transactions since it directly affects the company’s profits. A lot of time and money is spent on fixing discrepancies and editing incorrect data. Therefore, it is necessary to take steps toward minimizing any mistakes in the documentation within your organization.
SmartSoft Invoices delivers extremely high accuracy, allowing you to eliminate all errors resulting from various operations, such as manual data entry, invoice to purchase order matching, duplication of incorrect invoices, and more. By automating invoice processing, you will be able to achieve a very low overall error rate, higher efficiency, and reduced costs.
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