Manual invoice processing is no doubt a leading pain point in accounts payable. Few tasks are as tedious as data entry. Employee surveys show that manual data entry is among the most time-consuming tasks. AP professionals are eager to implement automation solutions that can minimize tedious time spent on manual invoicing tasks.
As much as OCR (Optical Character Recognition) can make life easier, there is always a need to verify and validate. Companies can automate workflow processes, automate the management process and quickly enter invoices into the system. Overall, OCR makes the accounts payable faster, more efficient and effective.
Lower invoice processing costs
The accuracy of the data conversion is important, and most OCR software provides 98% to 99% accuracy. For example, if 25% of the OCR errors are payment errors and your annual spend is $1,000,000,000, that equates to $5,000,000 in potential errors. An amount and issue worth investigating.
Errors need to be identified, reviewed and corrected and can often become a chore that gets overlooked.
Even a small error can result in overpaying or underpaying invoices, which can affect cash flow projections, impact financial decisions and hurt supplier relationships. In either case, you’ll need to spend time fixing these issues and reassuring suppliers.
OCR software allows you to extract key data while reducing the risk of human errors. However, it also creates a window for machine errors. You can set up rules that validate the data and flag any discrepancies. If any invoices have line items that are outside predicted values, you can automatically route them to a staff member for review. Nevertheless, there still needs to be some level of human review.
A second set of eyes combined with our IQ technology can reveal unknown overpayments as well as identify areas of opportunity to improve operational or financial processes. A third-party review can also provide improvements to sourcing, procurement and the supplier relationship.
Not only will you recover funds with Illumis, but we deliver “bright ideas for better profits.” We will show you the root cause of the error and provide recommendations and suggestions that can prove valuable to uncovering your areas of vulnerability and improving processes and efficiencies. The goal is to avoid financial leakage before it happens and increase your business intelligence.
Audit with Confidence.
Working for Illumis for 21 years, Brush has been instrumental in the growth of the company. Brush served as Vice President at Illumis before stepping into the role of President / CEO and has been involved in all aspects of the company’s business throughout his career.
Brush’s approach to his role centers on the motto of Illumis, Bright Ideas for Better Profits. Known for his loyalty, team building, and tough but fair expectations, he empowers employees to deliver, therefore fostering a company culture that ensures customers can count on people.