For business finance departments, automated invoice extraction isn’t just a convenience—it’s a transformative solution that can significantly minimize cost and maximize efficiency. By leveraging intelligent Optical Character Recognition (OCR) solutions, companies have witnessed a dramatic reduction in the price of processing an invoice, transforming a once laborious task into a streamlined and error-free process.
The Cost of Processing an Invoice
The financial implications of invoice processing can vary substantially depending on the degree of automation employed by a company. According to the American Productivity & Quality Center, companies with minimal automation can spend upwards of $10 per invoice. In stark contrast, companies that have streamlined their Accounts Payable (AP) process to eliminate or reduce manual steps can drastically cut their costs, spending as little as $2 or less per invoice. This data underscores the significant cost benefits of automating invoice processing in businesses.
Why is Manual Invoice Processing So Costly?
Manual invoice processing can be a significant cost burden for companies due to several factors:
- High costs from paper usage, including printing, storage, and disposal.
- Time-consuming and error-prone manual data entry and matching between invoices and systems.
- Additional charges for rectifying errors from manual processes.
- Delays and inefficiencies due to paper-based approval processes.
The Benefits of Automated Invoice Extraction
Cost Savings through Automation and Accuracy: Intelligent OCR solutions significantly reduce the reliance on manual labor, automating repetitive tasks associated with invoice processing. By minimizing errors in data extraction, these solutions contribute to substantial cost savings.
Reducing Labor Costs: Manual data entry is time-consuming and prone to errors that can be costly to rectify. Intelligent OCR minimizes the need for extensive manual labor, allowing organizations to allocate resources more strategically.
Minimizing Error-Related Expenses: Errors in invoice processing can lead to a cascade of expenses, from reconciling discrepancies to potential fines for compliance breaches. Intelligent OCR’s accuracy ensures a reduction in error-related costs, directly impacting the organization’s financial health.
Contact Paperwise for Intelligent Invoice Capture Solutions
Utilizing Intelligent OCR solutions is no longer a choice but a must for businesses seeking success in a competitive economy. With invoice automation, businesses can eliminate costly and error-prone manual processing, ushering in a new era of precision, efficiency, and substantial cost savings.
For a tailored demonstration of how our Intelligent Invoice Capture Solutions can transform your AP process, Contact Paperwise today and experience the financial benefits firsthand.
