By Brian Dirking on Dec 08, 2011
Next week Oracle will present a webcast titled Optimize Accounts Payable Through Automated Invoice Processing. In preparation, we will have a couple of posts on the Accounts Payable process, and a couple of posts on customers who have implemented Oracle WebCenter to automate accounts payable.
At most organizations, invoices are processed by hand. They arrive in paper format in the mail room, and are routed to the financial department. They are sorted and assigned to clerks who enter the data into the financial system. The paper invoices are then filed for reference. When an approver wants to look at the invoice to verify information on it, they pull the paper invoice. This can be a little more time consuming, if the approver is at the same location as the invoice. It can be more time consuming if they are remote. It usually means the invoice is copied or faxed to the approver.
To address this problem, many organizations have moved to imaging invoices. By getting the invoice into an electronic format, it can be accessed anywhere. Another benefit is the fact that invoices can be retrieved automatically too. If there is an audit, and the auditors want to check all the invoices from a certain month, a clerk doesn’t have to go to the archive and pull all those invoices. They can run an electronic search and present the invoices instantly.
This process still requires getting information from the electronic image into the financial system. That’s where forms recognition comes in. The ability to read the content of the electronic image and then identify fields and values is tremendous. Automatically putting that information into the financial system takes it to a whole other level. We see organizations that reduce their processing costs by 70, 80, sometimes even 90% by automating this whole process.
Register now for the webinar Optimize Accounts Payable Through Automated Invoice Processing.