ABBYY OCR solutions for Accounts Receivable improve every aspect of check capture, check scanning, and other key AR processes. Applying OCR to Accounts Receivable enables integrated workflow and process tracking solutions that help stakeholders customers address the challenges of manual data entry, manual paper routing, and the lack of coordination and transparency within traditional vendor invoice processing as part of the purchase-to-pay cycle. Ultimately, automated OCR for Accounts Receivable allows for a more streamlined and accurate workflow that can facilitate with earlier revenue recognition.

OCR for Accounts Receivable Check Processing: Key Features

ABBYY FlexiCapture OCR is a highly intelligent and scalable data capture solution that streamlines the processing of forms, such as checks and invoices, in an automated fashion. FlexiCapture is highly customizable and can capture, process, and populate data from any form into any content management system. FlexiCapture provides a handful of features to help improve your current Accounts Receivable check processing workflow, such as:

  • Automated paperless invoice entry, check capture, work assignment, and prioritization
  • Real-time tracking of invoices and payments
  • Flexible, automated task routing
  • Consistent processing rules
  • Controlled exception handling for canceled transactions and blocked invoices
  • Duplicate invoice checking
  • Invoice approval, with side-by-side view of original and captured data
  • Process history and audit trail, with continuous tracking of process data and status
  • Central point of information for all vendor invoice management processes
  • Minimized number of keystrokes to complete accounts receivable process
  • Dynamic work item descriptions and title
  • Reports on process time and volume, queued invoices, exceptions and blocks, due dates, discounts scheduled payments

FlexiCapture provides a feature-rich document capture solution that eliminates misplaced invoices, drastically reduced manual data entry, and maximizes the efficiency of invoice processing.

Benefits of OCR for Accounts Receivable & Check Recognition

OCR for Accounts Receivable departments effectively eliminate the labor intensive, inefficient process of manual data entry commonly associated with Accounts Receivable workflows. By taking keystrokes out of the process and bringing visibility to the cycle, organizations can see immediate additional return on investment. Users benefit from a fully optimized paperless process for effective financial planning and strong buy relationships. Automated invoice processing from ABBYY FlexiCapture provides organizations with many benefits, including:

  • Lower purchase-to-pay process costs by as much as 40-60%
  • Receive and enter vendor invoices up to 65% faster
  • Improve cash flow by reducing days in AR
  • Efficient exportation of data into billing or document management systems
  • Elimination of manual data entry mistakes
  • Take full advantage of fast payment discounts
  • Prevent late and duplicate payments from receivables
  • Improve response to vendor inquiries concerning invoice status
  • Improve cash on hand planning
  • Eliminate redundant ERS invoice processing
  • Benchmark metrics such as vendor cost and employee performance
  • Ready access to information for reporting and analysis to balance workloads and identify process bottlenecks

ABBYY FlexiCapture provides an efficient AR workflow that minimizes manual input and thereby keeps operational costs to a minimum. Contact Paperless Productivity® to learn more about how you can immediately automate Accounts Receivable check processing, invoice tracking, and more.