Doc2Data - find out more...
Increased invoice data accuracy
Due to automation, there are not as many delays involved in inputting data into your financial systems where they can be approved, so fewer payables are accrued at the end of each month. Even though a lot of businesses do okay entering invoice information, with manual processing there is always the possibility of human error, which creates a setting that encourages incorrect payments and less productivity. When invoice information isn't accurate, A/P staff must look into the mistake to correct it and maybe do the processing of payments again. But Doc2Data gives you the most precise data available without manual intervention.
Lower cost of manual data entry
When there is automated data capture, as much as 75 percent of the hidden cost of manual data entry is eliminated. Data entry performed piece-meal by multiple members of your staff is not only inefficient, but also costly. But as soon as entering data by hand is terminated, a noticeable improvement in speed and effectiveness is noticed.
Enhanced cash flow cycle management
Your cash flow cycle management will be greatly enhanced thanks to accurate data that will be posted within your financial database far more quickly. You will be able to execute payments more easily and in accord with your financial goals. You will be able to make the greatest use of early-payment terms. Automatic match up of line item details on invoices on a table look-up arrangement within your financial system will facilitate the quick movement of invoice data throughout to system and to final approval.
Capitalise on the discount terms for early payments
You can make good use of discounts for early payment. When you use automated data capture, it will speed up the flow of data from invoices within your financial system. If you have a 2-way automated method to match line items with invoices, you will catch errors right away. This enables your workers to review and verify the information quickly. This means that you retain control while expediting the accounts payable process and are able to capitalise on the discount terms for early pay.
The Doc2Data difference
With Doc2Data capturing invoice data is easier and the results are more accurate. For example, vendor ID numbers, total amount due and so forth are quickly and easily noted and conveyed even when this information found in different sections of various invoice forms. You just identify the features of the information you want to capture, like "amount due", for instance, and Doc2Data quickly and automatically moves over the whole invoice to locate whatever variation of the keyword or combination of it that will give you the data you've asked for.
This system streamlines your capture and delivery of all of your accounts payable invoice data and places it directly into your ERP or financial system. All the necessary data for capture is included. You will find tax information, shipping costs, terms of payment, charges and descriptions of line items, numbers of purchase orders, invoice dates, vendor identification numbers and so forth. That means things like getting information from invoices, approving payments, and doing accounting reports can happen quicker and so drastically lessen your costs.
In no time at all you will be able to see results: Hidden cost-manual data entry. Specific companies may hire employees to convert data from written documents into computerized backend systems. Lots of other businesses disguise these costs and the amount of productivity lost by spreading data entry tasks over a wide spectrum of personnel. By using Doc2Data, a business can give such staff members tasks that are of more value. The benefits of automating the procedures will be dramatically obvious.
The information you require will automatically be captured by Doc2Data, including invoice amounts, purchase order and identification numbers, and so on. In addition, headers and details of summary and line items can be captured, too.
After the information is captured and gone through validation and verification, data and images are automatically transferred to your backend systems according to the schedule you've set.
Invoice images can be prepared by Doc2Data so that they can be indexed in the document management system you've set up. You will be able to attach the data fields you choose. For example, you could attach a Vendor ID number to an invoice image to be sure of accurate indexing. This would also allow quick access from your document management system or your ERP.
You can direct the output to the financial database of your choice (e.g. ERP or ECM). Alternately, you might direct it to a workflow or document management system. Information can go to various destinations without anybody's workload being raised. When you get quick delivery of precise data, your business can begin the approval process earlier, which will give you a big advantage with your competitors with regard to lower personnel costs, higher productivity, better relationships with vendors, and improved capitalization on whatever payment terms have been negotiated.
"...a large number of organizations distribute data entry among a wide variety of employees. Handled in this way, productivity is lost, and the true cost of the activity cannot be determined."