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.

What is invoice scanning?

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 in order 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” 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 The original definition of “invoice scanning” is a bit out of date.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.

“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

Why you need automated invoice scanning software

Most incoming invoices are received in digital formats by email. While this streamlines an organization’s business process and makes physical storage irrelevant, one challenge remains: 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 and invoice recognition software, automates data entry. For electronic formats, Palette’s solution 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, 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
  • Eliminate late and duplicate payments
  • Reduce your physical document storage costs

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Landstar benefits from automated invoice processing with Palette
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Clas Ohlson Automates AP with Palette
One of Sweden’s best-known retailers, Clas Ohlson, operates around 200 physical stores in Sweden, Finland, Norway, Germany, and England.

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