Invoice processing software is extremely needed nowadays in modern companies facing tremendous paper document flow. In today’s era of digital data it is highly important and, in some cases, vital to have access to the information which is usually transferred to us in paper form instantly. Invoice processing software helps us in this case with a solution to capture, sort and send such digital data into the information system of a company. The more commercially successful organization is the more business activities accompanied with issuing invoices for its products and services it will carry out. Therefore, invoice processing software plays a major role in maintaining company’s stability or increasing its effectiveness.
While there are plenty of invoice processing software solutions on the market with multiple approaches in the way of organizing this process, there are three main factors which speak for an overall level of invoice processing software: quality of captured data, speed of processing, added value.
1. Quality of capture data in invoice processing software is reached by combining several important things such as the level of an OCR and ICR engines which are, in fact, directly responsible for the recognition of both printed and hand-typed symbols on your invoice; syntax, semantic and other types of data analysis giving us more guarantees that the recognized symbols, when combined into words and sentences, will actually form logically correct structures; two way cross-checks of the recognized content with the database of the organization, identifying and matching the captured content with possibly existing digital document within the information system as well as forming the proper recognition result when bits of data, such as VAT number of a supplier is lost, but the name of the supplier was recognized successful.
2. Speed of processing may not be noticeable when you have several hundred invoices coming your way daily, but could be a “thing” when you have thousands of hundreds coming in a geographically distributed corporation. In this case invoice processing system has to be flexible enough to offer central processing of all invoices (if required per company’s policy) or be capable of governing and providing management of remote scanning and captured data flows. Here is an example of how this process can be time-consuming. Best-in-class systems will capture and prepare all necessary data for export from an A4 page of scanned document in a little less than 1 second. If you have 100 000 scan copies, it will take you 100 000 seconds to process them, 27 hours. Some systems will only offer 10 seconds per page processing time, and it will take a over 11 days just to process 100 000 invoice scan copies in such system.
3. Additional features which of an invoice processing software, to our opinion is an opportunity of such system to be fully implemented or embedded within the information system of a customer in a way that currently used business processes and other procedures are left intact and any actions carried out by an invoice processing system are unnoticed by the end user. This means that the integration will result in placing 1 button: “Scan invoice”, for example, to the work menu of your information system, and with a single click all the data will be scanned from the invoice you have placed into scanner and filled into your information system’s appropriate fields. It is the main concept of Cognitive Forms digital document capture system to meet all the mentioned above requirements. Providing the maximum level of automation, Cognitive Forms is a highly customizable system ready to satisfy any client’s request.