Invoice Processing: How Does a Hybrid Approach Benefit YOU

3 minute read

Invoice Processing: How Does a Hybrid Approach Benefit YOU

Proper invoice processing is a vital function of enterprise success. Whether you’re receiving tens of invoices, hundreds, or thousands, the ability to quickly and accurately process invoice data improves back-office efficiency and protects your bottom line from slow approvals or entirely missed payments.

Manual vs. Automated Invoice Processing

Manual is the antithesis of efficiency, and physical paper is gum in the gears of productivity. If manual and paper-driven describe your current state of invoicing, then you’re likely very familiar with the time it can take an invoice to go from a service or product provided to a payment made. The hassle and expense of paper further compounds with storage and documentation. That’s why invoice digitization is key.

Invoice digitization relies on invoice scanning software utilizing Capture technology and optical character recognition (OCR) to quickly transform your important documents into a digestible format by your ERP or ECM. Invoice scanning eliminates the need for manual data entry, which saves time. But is it always accurate? 

Unfortunately, even super-smart AI and OCR can make mistakes. These mistakes occur when scanners attempt to lift text from hard-to-read sources. Common causes for illegible documents include faded printer text, text from a picture of a picture, or messily hand-written or cursive notes.

While speedy automatic invoice processing services and software might save your team time up-front, an inaccurately processed invoice is, in fact, more harmful to your bottom line than a slow one, even if that error is rectified. According to a study of AP Processes for organizations in the Nordics, undetected invoice errors represented ⅓ of invoice posting costs. In contrast, even detected errors delayed payments by as much as 31 additional days resulting in late-payment penalties and missed early-payment discount opportunities.

What’s the Solution?

The most effective approach is a hybrid one. KeyMark created CloudCapture to combine the speed of Capture technology with the intuition and problem-solving capabilities of real humans. By wielding automation tech to process data, and hand-verifying sources of possible tech failures with human eyes, KeyMark helps you achieve both speed and accuracy. What’s better, CloudCapture is a Business Process Outsourcing service, meaning we’ll handle all that processing and manual verification for you, freeing your teams for work that further drives success.

Invoice Processing by Industry

With over two and half decades of experience, KeyMark has worked in just about every vertical, from transportation and logistics, to manufacturing, government, financial services, distribution, utilities, aviation, and beyond – streamlining back-office objectives for operations/shared services, accounts payable, and accounts receivable. 

Through all this experience, we’ve encountered a list of frequent process offenders that our CloudCapture BPO service specializes in solving. These include:

  • Bill of lading
  • PO/Non-PO Invoices
  • Credit Memos
  • Purchase orders
  • Freight Invoices
  • Remittance & Payments
Is your organization slowed or stunted by any of these common types of invoices? If so, we’ve got your back. Contact our team to see how KeyMark can help you improve your relationship with critical enterprise data through capture, classification, verification, and integration.

Discover how CloudCapture BPO works in our free download!


Keep Reading

Insights 2024 is over! Here's what we learned.

Greenville’s Business Automation Conference is Over!

Here are 5 things we learned… 1. The power of DEBRIEF Insights opened with a pretty epic presentation by our keynote speaker, Marine F/A-18 fighter pilot instructor, and Top Gun graduate Patrick Houlahan. Beyond discussing his time as a pilot and at Top Gun school, Patrick shared leadership and teamwork

Read More
KeyMark announces Insights 2024.

5 Things to Expect at Insights 2024

What to expect at Insights? We’re officially one week away from Insights 2024, KeyMark’s biggest get-together of the year. For those not in the know, Insights is our annual automation conference, bringing together peers and professionals to discuss the future of business powered by process automation. If you’re already signed

Read More
What do you get with KeyMark's support plans.

What’s the Value in KeyMark Support?

Award-winning Extended Support We’ve extensively covered the value in a value-added reseller, and one of the major claims is the addition of implementation, training, and award-winning lifetime support. But what makes KeyMark support “award-winning”, why are our support teams consistently ranked in the highest echelon of partner programs, and —

Read More