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AP and Invoice Processing Solutions

We provide a variety of solutions to automate your accounts payable process in order to reduce costs and the turn-around time to receive time-sensitive payments more quickly.  These are out of the box, proven software solutions by our trusted partners - not custom creations which haven't been proven. UFC has been offering forms processing solutions almost since their inception.  We have done the research necessary to provide solutions which offer out of the box integration with your ERP system including Oracle, SAP, and Great Plains. 

How We Can Help With OCR Invoice Software:
We can provide you with a comprehensive Accounts Payable or Invoice processing solution which would reduce your administrative labor expense as well as reduce the time required in the billing cycle. Our invoice recognition software accomplishes the following functions and can be customized to provide an interface to almost any back-end system including FileNet P8.

• Automatic sorting of invoices by vendor and extraction of data from each different vendor's format.
• Two way match and three way match with your existing accounting or ERP system. With the three-way match the system provides a method to match the invoice, purchase order and packing slip to ensure all three documents contain the same detailed information for each order.  

Here is How the Invoice Processing System Works:

1. Invoice Scanning Process - The invoices are provided to the accounts payable automation system by any of the following methods: Scanning, monitoring of a network folder, email, or fax. This provides a rapid means of scanning invoices into the accounts payable system.
2. Text Extraction - The invoice processing system automatically OCR's the vendor invoice or purchase order documents and validates these details against your ERP or accounting system. This is the point at which the accounts payable three way match would be done.
3. Verification of Invoices or Orders - If the invoice processing system is not 100% confident of the values extracted during the OCR process, these are flagged and presented to the user for verification.   
4. Export and Integration - Depending upon your needs, the extracted data and documents are exported to your back-end system. This integration happens behind the scenes to better automate your accounts payable process. 

Disruptive Innovation Part 2: Invoice Processing Software

Summary:

Learn how invoice processing software is rapidly becoming a disruptive innovation that allows companies to automate the tiring process of paying bills.

As we stated in Part One of this series, sometimes when a new technological invention comes along we wonder how we ever lived without the new device or technological innovation. A “disruptive innovation” is a particular category of innovation which creates its own demand. For example, the invention of the automobile created a demand for its purchase when it didn’t exist and the available substitutes were of a qualitatively different nature. In the technology field, the pace of innovation is increasing to the extent that it is commonplace to hear our customers make statements like, “I don’t know how I have lived without this.” Within the past two years, we have been hearing this about a particular type of software application: invoice processing software. This trend towards the adoption of invoice processing software by companies of all sizes has created a trend in which this labor saving software has almost become a commodity much like word processing software.

Invoice Scanning: ABBYY FlexiCapture for Invoices

Looking for Invoice Scanning? Seeking To Increase Efficiency, Save Money in Accounts Payable Invoice Processing and:

• Implement an automated invoice scanning solution?
• Reduce invoice processing costs?  A recent study says the average cost of processing an invoice is $1.50 each. What if you could cut this in half? 
• Eliminate painstaking manual keying of data from paper invoices and extract data automatically by invoice scanning software?
• Decrease invoice processing and billing cycle time? 
• Eliminate easy to make errors in Accounts Payable such as the wrong quantity versus the purchase order?
• Automate your accounts payable (AP) invoice processing system?
• Provide automated 2 and 3 way matching of AP invoices with your accounting or ERP system?

FlexiCapture Invoice Scanning: Ready to Run User Trained OCR Invoice Recognition Software Solution

The Importance of Understanding OCR Processing Sequence Order

Summary: The extraction order used in an OCR engine is crucial to ensure the usefulness of the future uses of that data.

In certain instances, a need may arise in a company in which metadata needs to be extracted from a document. This could be the case for documents with a known structure such as an invoice from a certain vendor that always follows a particular layout. In these instances, the metadata may be needed in order to tag the document to facilitate later retrieval especially when the document is committed to a content management system, or the metadata may need to be written into the filename to facilitate locating the document with a simple search in a file system. Finally, the metadata may be needed for use in business systems. For example, a company may desire to extract the invoice number from an invoice and then file the document into their accounting system by using the invoice number as an index value. In the case where only simple index values need to be extracted from a document a regular expression (REGEX) or text search string may be used to extract the text values from a document after the text is obtained from the image file. In those instances when a field name is located and the expected index volume is expected to immediately follow the field name, the ordering of the OCR text is crucial to the successful extraction of the value. Any example will help to illustrate the nature of the problem.

Where The "User" Stands With OCR Technology...

Automating a business process can entail many things - repurposing staff, changing corporate mindsets, and implementing new technology. Although the idea of this can seem daunting, rest assured that it is well worth the investment after you look at the savings and the assurance of business continuity! This article will focus on the user-based technology, in other words, the software that those who are actually doing the work will use.