Accounts Payable Purchase Order and Invoice Processing

OCR Invoice Processing Software Solutions:

Invoice processing software provides the functionality to automate the extraction and exportation of data from invoices and purchase orders. The OCR invoice software provides a two-way match between the invoice and the purchase order and can also provide a three-way match to the shipping documents through some additional configuration. User Friendly Consulting provides several industry leading invoice processing software solutions including ABBYY FlexiCapture for Invoices and IRISXTract.

AP Energize for Quickbooks Logo

UFC's AP Energize for *QuickBooks® Online Plus and AP Energize for QuickBooks® Online Essentials gives you the ability to automatically extract data from vendor invoices and input them directly into your QuickBooks® Online account. Long gone are the days of losing money from data entry costs that only end up with countless hours of fixing errors. AP Energize for QuickBooks® Online will streamline your accounts payable processes by allowing you to capture invoices from at least four different sources:

  1. Emails. Simply send the invoices to a designated email address.
  2. Scans. Scan your invoices and place they will be processed automatically.
  3. Faxes. AP Energize monitors files received from your fax server or e-fax system.
  4. Watch Folders (Hot Folders) on a network share.

*UFC's ABBYY FlexiCapture® for Sage 50 Accounting® (previously known as Peachtree Accounting®) automates both the collection and the export of all of the data from an invoice in order to create a bill. This includes both the vendor detail as well as the line items from the invoice.  This powerful document capture software solution for invoice processing eliminates the manual keying of data by AP analysts to allow them to focus their attention on more important core business practices.

Matching is a concept that is very familiar to people in the accounting field and especially those involved in the processing of accounts payable (AP) invoices. There are two main types of matches that are often considered as a company evaluates the potential purchase of an invoice processing solution such as ABBYY FlexiCapture for Invoices.  

The Two Way Match of an Invoice with a Purchase Order

The two way match is at the most basic level a correspondence between the details on the invoice and the purchase order that requisitioned the product or service. This type of match generally arises for purchases such as office supplies, recurring purchases like janitorial services, or temporary service orders such as painting services. During this matching process the accounts payable analyst will verify their business rules for the following:

  • The price of each line item on the invoice is less than or equal to the line item values on the purchase order.  This can be a time consuming process if done manually as both documents must be compared, or the printed invoice must be compared withe value listed in the company's accounting system. 
  • Verify that the total invoice price is less than or equal to that listed on the purchase order.