OCR Automation for Accounts Receivable & Check Capture

OCR solutions for Accounts Receivable removal manual work from key processes like check capture and check scanning. This streamlines the purchase-to-pay cycle and facilitates earlier revenue recognition. Without the challenges of manual data entry, staff work faster and with unprecedented accuracy, while workflow statuses are visible at a glance. Digital document routing and approval management put an end to chaotic, opaque vendor invoicing.

OCR for Accounts Receivable Check Processing: Key Features

OCR software is an intelligent and scalable data capture solution that automatically extracts data from sources like checks, invoices, and forms. After capturing and validating information, the OCR data capture software can send it to other line-of-of-business software, a content management system, or even another workflow. For instance, an AR check processing workflow will benefit from:
  • 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
Our automated data capture solution that eliminates misplaced invoices, drastically reduces manual data entry, and maximizes the efficiency of every step in the invoice processing cycle.

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 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
This yields 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.

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