If you work in accounts payable (AP), you understand the struggle to process the endless influx of invoices, enter the data into your company’s record-keeping system, and somehow try to stay on top of your schedule. Unfortunately, invoice processing is an area where many businesses fall behind and oftentimes incur significant expenses.
According to a study by Aberdeen Group, the top driving factors for accounts payable improvements are corporate directives to lower costs and an organization’s lack of visibility into AP documents. Out of the organizations participating in the study, those considered “best in class” for AP maturity excelled in a specific area that set them apart from the average and below average organizations—the majority of best in class organizations cited their top strategy for AP improvement as investing in “automation of invoice receipt and workflow processes.”
The key to improving your business’s AP processes is automation. Invoices can be an extremely tricky form of documentation to automate, as they often differ greatly from form to form. Information can be located in various inconsistent places within a form, and those inconsistencies make it difficult to utilize automation tools like zone Optical Character Recognition (OCR). Add to that the complication of having columns of data needing to be extracted, sometimes across multiple pages, and the possibility for automation seems bleak.
But there is a solution to your accounts payable debacle. PSIcapture’s Table Extraction Module is the ultimate tool for invoice processing.
Table Extraction provides line-item extraction technology that can span multiple pages, and it can be specifically configured to your business’s unique structure and needs. To use this feature, you simply set up the document by clicking on column headers to identify them, and Table Extraction builds expressions to auto-identify the columns and rows on a page.
Table Extraction works hand in hand with the Classification module, so when the invoices get processed through the Classification step, the vendor is identified and the line-item data is automatically extracted. Classification will also determine whether or not the invoice contains a table, so Table Extraction will only be used on applicable documents. The invoices and the data will then be moved into the Quality Assurance step, where your AP personnel can verify the data collected and then send it on to the migration step, to whatever repository or accounting program your business uses.
PSIcapture’s Table Extraction Module is an extremely sophisticated technology exclusive to PSIGEN. It’s just one of the many ways PSIGEN has set itself apart as the leader in advanced capture solutions. To learn more about Table Extraction, watch a quick demo here or contact a friendly member of our sales team.