While the only true solution to the problems of manual-based invoice processing is found through the elimination of paper, there are a few different ways that companies can accomplish this. We’ve identified three primary methods companies can use to effectively implement data capture technology. The most cost-effective method will greatly depend on size, industry, and business structure.

Related: Registration is open for our on-demand webinar, “Build It and Make Sure They Come: eInvoicing Supplier Portals that Transform AP.” 

Method 1: Implement a Front-End Imaging System in the AP Department

This method usually works for smaller or mid-market businesses with too many invoices and too few employees, as well as a budget and infrastructure that cannot support a full mailroom invoice receipt operation. There are several advanced front-end imaging systems on the market that are specifically tailored for small AP departments, in which invoices are scanned, uploaded into the data-capture and validation system, and routed for approval. This allows AP clerks that have been spending countless hours manually entering data, matching documents, checking for errors, and chasing down approvers to simply upload the document, verify that the OCR-scanned data is correct, and submit it for validation and approval workflow. This often cuts the processing time by more than 50 percent.

Method 2: Implement an Existing or New Internal Mailroom Service

This method is more suitable for upper mid-market and large organizations, many of which already have a mailroom. Organizations can purchase a front-end imaging system that will integrate with existing scanners in the mailroom. Mailroom employees simply separate invoices they receive in the mail and upload them into the invoice receipt management system for automatic data capture and routing. The software is often very simple to learn, requiring little training for employees. It reduces delayed and lost invoices, and cuts back on the chance of duplicate invoices.

It is important to note that many of today’s data capture and invoice management solutions are also well-equipped to handle other business documents, including those associated with legal and HR, as well as contracts and medical documents.

Method 3: Outsource Invoice Receipt to a Third-Party Document Management Service

This method is used by organizations that either do not have a mailroom service already, or those who wish to eliminate their internal mailrooms. Their reasons for this choice may vary, but they do not always depend on cost. In many cases, the services of a third-party document processing service will cost roughly the same as maintaining the process in-house. However, when it comes to the time and responsibility required for maintaining internal invoice receipt, the benefits of shifting the burdens can be great.

Organizations no longer have to manage mailroom employees, and they can rely on their service level agreement with the provider to maintain output and productivity. Mail is sent to a centralized location and processed with leading advanced data capture technology. These providers often use the same accuracy level guarantees as a plug-in data capture tool, and in some cases, human intervention through double-blind keying to ensure greater accuracy.

For more information and a detailed look at the value of data capture software for streamlining invoice receipt, download PayStream’s 2016 Data Capture and Mailrooms Technology Insight Report.