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[eBook] Uncovering the Hidden Pitfalls of OCR Technology in AP Automation
Discover the hidden pitfalls of OCR in AP automation. Learn about accuracy issues, hidden costs, security risks, and integration challenges.
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Accounts Payable
Expedite invoice processing while alleviating tedious manual data entry
EXPEDITE INVOICE PROCESSING
Accounting procedures are critical to any organization's financial well-being. And when paper-based processes and disparate information bog down your Accounting process, you're left with missed payments and discounts, overwhelmed employees, and strained vendor relationships. Shamrock Solutions supports a variety of financial department solutions for accounts payables, accounts receivables, and remittance processing. These solutions address a range of processes including invoice processing, audits, account openings, expense reporting, payment options, customer engagement, and order entry.
ALLEVIATE TEDIOUS MANUAL DATA ENTRY
Manual data entry of invoices is an inefficient, expensive, labor-intensive and often error-prone process. Slow and mistake-laden document processing lengthens payment cycles, reduces staff productivity, adds late payment penalties, and causes missed early payment discounts. Additionally, it can be difficult to track the status of these documents in real-time when they're not automated. These challenges can put your company’s rating and regulatory compliance at risk, increase missed opportunities, and create unnecessary penalties.
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Streamline the processing and approval of invoices
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Track invoices throughout the process lifecycle
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Capture electronic approvals for improved invoice auditing
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Eliminate manual data entry
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Finally capture those early pay discounts
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Accurately classify, separate, and extract data from documents automatically
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Simple integration into ERP systems and compatibility with other lines of business
Every mistake using manual data entry costs your company valuable time and money. With intelligent automation, data can be extracted from an invoice instantly and accurately, including line-by-line items. In fact, the more data and documents that the systems ingests, the faster the system “learns”, thereby increasing its value over time!
Documents and images are normalized, processed, and classified through patented machine learning algorithms for maximum efficiency. Using database lookups and fuzzy logic, the data may be validated against your existing accounting and ERP systems with exceptions flagged and ready for review. Extracted data is sent to appropriate internal systems for processing with ease - applied correctly in your ERP system the first time.
Our technologies allow organizations to automate and streamline many tedious Accounts Payable processes so that your accounting team can eliminate duplications and delays and focus on more critical, high-value tasks.
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