Invoice Scanning

Intelligent invoice scanning with intuitive data capture has 95% accuracy rates for paper, and 100% accuracy for digital formats. Automatic capture of data fields and invoice data.

Invoice scanning with Palette Sofftware

Automated Invoice Scanning And Data Capture

Invoice scanning originally referred to the process of scanning paper invoices with legacy OCR systems. Automated invoice scanning and data entry is a core function of invoice scanning services and is required to work with AP automation. It eliminates the need for manual data entry, speeds up the delivery of invoice data to the ERP, and boosts productivity.

The term “invoice scanning” (also known as AP scanning) is used interchangeably with invoice capture, a term used to describe the data capture from both physical and digital invoices. Only a fraction of the invoices today arrive in a paper format as most of them arrive in PDF or another digital format. The original definition of “invoice scanning” is a bit out of date. Some invoice capture solutions still bear the name “Invoice Scanning Software”, even though they come with invoice scanning and data capture all rolled into one.

Who benefits from AP scanning software?

Any organization receiving a large number of either paper or electronic invoice can and will benefit from accounts payable scanning software. The more data from each invoice a company is manually entering into their accounting software, the bigger the benefit of AP scanning software.

“We just didn’t have time to manage all the incoming invoices. But since changing to Palette, we can manage three times the volume of invoices than our previous AP system allowed.”

How Does Invoice Scanning And Data Capture Work?

Invoice scanning relies on the underlying technology of OCR – Optical Character Recognition. Basic OCR can extract different characters, such as letters, numbers and symbols from both paper and digital formats. The process looks as follows:

  1. Capture and extract invoice data from a paper scan, EDI, email, fax or file share
  2. Validate against databases and according to your business rules
  3. Delivery of data to the ERP system

OCR Invoice Scanning

Whereas previous, legacy OCR invoice technology was resource-intensive (data input was mainly manual), intelligent OCR invoice scanning technology learns by itself to identify invoices based on layout and stores that information for future reference. It also intuitively maps the data fields in each invoice and stores them in a database.

Paper invoice:

The invoice is scanned by advanced OCR technology that recognizes the layout of the supplier and then extracts important data fields. This process takes only a few minutes and is 95% accurate.

Electronic file of a scanned invoice:

In other words, if the invoice is an “image” of the invoice. The intelligent OCR invoice scanning solutions scans this information with the same results as paper invoices.

AP scanning | Palette Software
Invoice scanning services | Palette Software

Why You Need Automated Accounts Payable Scanning Software

Most incoming invoices are received in digital formats by email. While this streamlines an organisation’s business process and makes physical storage irrelevant, some challenges remain:

  • How to leverage the data in the invoices?
  • How to access the key invoice data and move it to where it belongs?

The answer to these questions is invoice scanning services and software. Each invoice contains key data fields. The data needs to be transferred to the ERP or accounting system.

Invoice capture software, also known as invoice scanning software or invoice recognition software, automates data entry. For electronic formats, Palette’s invoice scanning solutions identifies all key data fields in the invoices, extracts the data, and forwards it to your Palette dashboard. For paper formats, intelligent OCR extracts the data from the scanned invoice and sends the data to the intuitive dashboard as well.

Benefits of Palette’s Invoice Scanning Services

Invoice scanning and data capture technology significantly reduces the amount of manual effort, saves you time, and allows your AP staff to focus on higher value tasks such as handling exceptions, customer or vendor management. Get an instant boost in productivity and transparency and eliminate late or duplicate payments. You can expect the following benefits from using Palette’s invoice scanning services:

  • Shorter invoice cycle times
  • Increased accuracy of invoice data
  • Reduced AP processing cost
  • Avoid late and duplicate payments
  • Reduce your physical document storage costs

Seamless Integration With Your ERP – Invoice Scanning Solutions

Our invoice scanning solution seamlessly integrates with your ERP. This means that everything you do in Palette is automatically transferred.

Electronic Format

For electronic formats, your supplier sends the invoice to a specified email address. Palette’s solution extracts invoice data and forwards it to your ERP.

OCR invoice scanning

For paper formats, intelligent OCR invoice scanning extracts the data from the scanned invoice and sends the data to your ERP or workflow.

Trustmark

Palette is trusted by banks and financial institutions in the US and Europe. Accreditations in the US include SOC1, SOC2, HIPAA, ISO 27001, GDPR, and PEPPOL.

Accounts payable scanning software | Palette Software

Invoice scanning refers to the process of scanning and extracting data from either digital or paper invoices into an editable format. 

Invoice scanning relies on the underlying technology of OCR – Optical Character Recognition. Basic OCR can extract different characters, such as letters, numbers, and symbols from both paper and digital formats. The process is as follows:

  1. Capture and extract invoice data from a paper scan, EDI, email, fax, or file share
  2. Validate against databases and according to your business rules
  3. Delivery of data to the ERP system

Are you ready to take the next step?

Let us know what problem are you looking to solve.