June 24, 2022
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3 Minutes
For a busy AP department, efficiency is everything. You don’t have time for the outdated workflows and outmoded processes that lead to bottlenecks, embarrassing turnaround times, and potentially crippling mistakes. Automation is where it is today: utilizing AI-driven data extraction to process invoices and keep everything humming at an optimal rate.
The obvious solution to a thousand workplace foibles, automated data extraction can eliminate manual data entry from the equation and turn those piles of invoices into neatly structured data in your favorite accounting software. An invoice processing API simply plugs into your existing systems for a fully automated workflow: no complex programming required. Coupling OCR with natural language processing to translate a wide range of different invoices into structured language your computers can understand and act upon, it gives you the information you want when you want it.
Why You Need an Invoice Processing API
Invoice capture software isn't just a timesaving device for your AP team, though it certainly will save you time. It doesn’t just make your employees happier and more productive, as they get time back to spend on actual brain work that can benefit your department.
Accounts payable automation takes the stress out of audits, enabling you to complete document processing and provide any records desired in a timely manner, with no added stress. It also decreases the number of mistakes your team makes— a computer never gets tired, unlike that overworked employee whose eyes would begin to glaze over after doing manual data entry for the 135th invoice.
But there are more benefits you can expect to see after integrating an invoice data processing API into your workflow. For instance, you’ll have better relationships with contractors, clients, and suppliers. Everyone appreciates timely attention to an invoice. If your system automatically processes all incoming invoices with an invoice data extraction API, there’s nothing holding you back from speedy fulfilment.
The structured data automatically populating your databases will also give you a better understanding of the people and organizations you do businesses with, and knowledge is always power. Look over a big picture view of the week’s invoices, or hone in on data for one specific supplier. It’s easy to find the data you want when all your invoice data is structured and accessible.
Who Needs an Invoice Processing API
So who needs an invoice processing API? Anyone who deals with a large number of invoices on a regular basis, whether those are emailed invoices or scanned invoices that were received in the mail. A paper invoice can be processed with the OCR invoice software that is integrated into the invoice recognition API, enabling data capture to work on any document that comes into your office.
Small or medium-sized businesses need invoice data extraction because their workforce is stretched and there’s no budget to pay anyone for mindless data entry. Large enterprises need invoice automation software because it’s the only way to ensure that every invoice is dealt with accurately and promptly. Businesses on both sides of the spectrum will find data extraction software a great investment in the long run, saving money, time, and headaches.
Want to know more about our invoice data extraction API? We’d love to tell you how invoice automation can transform the way you do business. Just contact us today.
