How are CFOs increasing number of invoices processed without increasing the headcount?
Optical Character Recognition (OCR Software) technology enabled companies to process their documents and especially invoices in an automated manner, meaning that Finance Departments are now able to process a much higher number of documents than in the past without increasing the headcount.
However the true secret lies in what Finance Professional are able to do with the data captured by their OCR engine, being that for Sage users across UK and Ireland the preferred solution is the Document Management System created by Sage Platinum Developer Partner, PaperLess Europe. A Sage Certified Software that allows Finance Professionals to automatically capture all relevant data from the invoices and post them into Sage, making invoice processing a much faster and accurate process than ever before.
Seamless integrated with Sage 50c, Sage 200c, Sage 200 Standard Online and Sage 200 Extra Online PaperLess is a Sage Authorised Software that is allowing CFOs using Sage to automate invoice scanning and invoice processing routines, which enables Accounts Departments to process a larger volume of invoices without increasing the headcount.
In fact, PaperLess OCR for Sage is just a small part of what the full document management solution created by PaperLess to Sage has to offer and that help explain why thousands of Sage users are currently using this Sage Developer’s solution. PaperLess not only extracts the data from the invoices reducing time spent by accountants on manual data input but it also automatically attach the documents directly to Sage accounting lines so that no more time is spent on archiving documents or on retrieving them, since the documents can be accessed directly from within Sage.
What CFO’s have realised is that if there is not a seamless integration between the document management software and the accounting software being used, they would end up with a bunch of data extracted from the invoices that they would then need to manually import into their accounting system. This would be more time consuming and more prone to errors which is prevented by the seamless integrating between PaperLess and Sage.
SAVE TIME AND RESOURCES ON DATA INPUT WHILE INCREASING ACCURACY LEVELS WITH AUTOMATIC INVOICE RECOGNITION
TURN MANUAL DATA INPUT INTO A FULLY AUTOMATIC AND MORE RELIABLE PROCESS, WITH MORE THAN 80% SUCCESS RATE
ELIMINATE THE NEED TO OUTSOURCE DATA INPUT SERVICES, SAVING MONEY AND THE HASSLE IT REPRESENTS
HAVE ALL YOUR ACCOUNTING DOCUMENTS DIRECTLY LINKED TO SAGE
HAVE ACCESS TO ONLINE INVOICE APPROVAL FOR SAGE
The fact is that successful companies can no longer afford to spend valuable and expensive human resources on tasks that can be fully automated, turning invoice processing routines into a much faster process which is also less prone to errors than when manually inputting and processing data. This is why an increasing number of CFO’s, Accountants and many other finance professionals across UK and Ireland have decided to rely on invoice processing technologies to automate invoice processing and approval processes across the entire company increasing efficiency levels on invoice processing routines, saving organisations time and money while reducing manual data entry.
SO, WHAT ARE THE MAIN CHANGES EXPERIENCED BY COMPANIES IMPLEMENTING INVOICE PROCESSING TECHNOLOGIES?
- Full Document Management Automation with no need for manual data input
- Online Invoice Approval with Complete audit trail of the approval process
- Look-up of documents directly from Sage transaction lines
- Automatic Matching and Closing of Purchase Orders
- Full control over the invoices from the moment they are received until they are posted onto the accounting system
- Increased Productivity Levels and Increased Competitive Advantages
HOW IS THIS AUTOMATION LEVELS ACHIEVED?
OCR technology plays a major role on allowing companies to automate their data input processes, saving them time and money while increasing data accuracy levels. For finance professionals using Sage, the preferred solution has been PaperLess Document Management, a software solution developed by Sage Developer, PaperLess Europe, that integrates seamlessly with Sage.
PaperLess software gives Sage users easy access to Automatic Invoice Recognition with two layers of OCR (Optical Character Recognition) technology to extract the relevant data from your invoices into PaperLess, which will then be sent to other colleagues for approval within the same workspace.
SCAN TO ARCHIVE VS. CAPTURE>PROCESS>ARCHIVE – THE NEW TREND FOR INVOICE PROCESSING AUTOMATION
The truth is that businesses have been relying heavily on manual invoice processing. Dealing with paper invoices can be time consuming and can cause many human errors with manual data entry. Some companies are still using the traditional methodology Scan to Archive, which means they only digitise invoices for archiving purpose. Unfortunately, countless manual errors happen because of the old fashion way of processing paper invoices in an organisation. The latest methodology Capture>Process>Archive has become the most efficient way for invoice processing. PaperLess captures your invoice data by digitising paper invoices at an early stage of the workflow process.
Every business deals with invoices, so efficient invoice processing is crucial for running a profitable business. After several months, invoices from previous months may still be pending and without approval. Entering large amount of data from the invoices into your computer can be so tedious that manual mistakes are unavoidable.
PaperLess makes invoice processing simple and smart. After invoices have been digitised and edited in PaperLess, businesses can post batches of invoices directly into their existing accounting applications. PaperLess integrates seamlessly with Sage 50c, Sage 200c, Sage 200 Standard Online and Sage 200 Extra Online and many other popular accounting applications, so the synchronisation of invoice recognition for Sage happens instantly in the background.
What are Sage users saying about PaperLess Document Management for Sage?
Paul Adams, from JACOB
“The approvers in our business enjoy the ease of use of the system as well as having instant online access to all invoices relevant to them. The approval process for approvers is simply a click of a mouse!”
Alan Lynch, Fitzgeralds Woodlands House Hotel Financial Controller
UKFast Finance Director, Joseph Ryland