Invoice Processing - Automation Software

Automation Software

Pay Stream Advisors, an industry analyst, has defined accounts payable automation as the solutions and services which automate the people and paper-based processing invoices for approval and posting into the accounting system. According to the Document Imaging Report, issue no. 8-17-07, there are around 3757 invoice processing applications in the world.

In the 2008 report, "Optical Character Recognition: Invoice Imaging and Data Capture for Accounts Payable," Pay Stream advisors writes:

Intelligent Data Capture (IDC) or learning systems enable end users to extract content from invoices without the system having to learn the layout of the invoice. Some intelligent engines are able to correctly sort batches on the fly, locate data fields such as invoice and PO number, as well as line item information, and then extract the desired content from those data fields. Intelligent solutions do not require the coding of rules or design form templates. Rather the system learns by reviewing a relatively small number of invoice samples. This helps the system scale to large invoice volumes and widely varying document layouts without requiring a human operator to specify a template for each one, or explicitly create and tune an extensive library of keywords.