SaaS OCR offers Document Management Service (in the Cloud) for AP/AR Invoice Processing

Achieving accurate and cost-effective invoice processing can be a challenging task for any organization. For companies operating in heavily regulated industries, regulatory compliance provides an additional complication. Accounts Payable (A/P) departments are always eager to improve how they can pay an organization’s obligations at the lowest possible cost. Ironically, most companies using traditional accounts payable systems incur up to $60 in processing cost just for the privilege of paying the bills. That cost estimate assumes complete accuracy the first time an invoice goes through the A/P system. When mistakes occur, getting things right simply increases the cost of paying the invoice. Your company most likely receives invoices in a wide variety of nonstandard formats. You probably have to deal with EDI, faxes, emails and hard copy invoices. Whatever form your trading partners use for invoices, your job is to get them into your accounts payable system quickly and accurately, in the most cost-effective manner possible.

A/P Invoice Processing The OCRSERVICEBUREAU Way

OCRSERVICEBUREAU provides a comprehensive outsourced solution to drive accuracy and efficiency in your accounts payable process. Our sophisticated data capture solutions can automatically process any invoice, regardless of its layout or media form. We deliver process ready data that is guaranteed 99.5% accurate within 24 hours. OCRSERVICEBUREAU can improve you’re A/P Invoice processing in the following ways:

Improve Cash Cycle Management

Imagine having total control of all your payments, complete with the ability to take advantage of early payment terms when you choose. With data delivery guaranteed within 24 hours, this level of control is possible. Line-item invoice detail is automatically fed into your financial accounting/payable s system, making your approval process much faster and easier. You accrue fewer month-end payables that can complicate your financial close because OCRSERVICEBUREAU has removed delays and streamlined your entire payment process.

Increase Invoice Data Accuracy

No matter how carefully you manage invoice data entry in your organization, manual processing simply invites human error creating payment inaccuracies and productivity problems. With every inaccurate invoice, A/P staff must investigate the errors, correct them, and possibly reprocess payments. But with 99.5% data accuracy guaranteed by OCRSERVICEBUREAU, this problem disappears. Think of how improving your invoice processing saves you time and money and strengthens your trading partner relationships.

Capitalize On Early Payment Discounts

Many vendors provide valuable financial incentives for prompt invoice payment. OCRSERVICEBUREAU’s automated data capture speeds the flow of accurate invoice data into your financial systems. With the confidence this gives you, you can process payables faster without sacrificing control, enabling you to capitalize on early-pay discount terms.

Reduce Costs Associated With Manual Data Entry

Automated data capture eliminates manual data entry, which can represent up to 75% of your labor cost. Because data entry is often dispersed across departments, the inefficiencies of manual entry can go unnoticed. But once automated data capture replaces manual entry, the invoice processing speed, accuracy and cost improvements are dramatic.

Paperless Processing

With our optional mailroom/scanning services and image archive and retrieval solutions, our clients never have to touch a paper invoice again. Add to this our image based workflow systems allowing clients to set up departmental queues for both invoice approvals and GL coding, and you have the most sophisticated outsourced A/P Invoice solution available.

Bottom Line

OCRSERVICEBUREAU’s Automated A/P Invoice Services offers you substantial competitive advantages including higher productivity, lower costs, improved vendor relations, and capitalization on negotiated payment terms.

What Sets OCRSERVICEBUREAU Apart? Our Technology Platform V2

At OCRSERVICEBUREAU our services are supported by the most sophisticated and advanced data extraction and workflow technologies. Our proprietary V2 production platform represents best-in-class technology. Some of V2's unique features and capabilities include:

"E Form" OCR Technologies

At the heart of the V2 technology platform are the most advanced recognition systems available. We have developed best-in-class free form OCR, ICR and OMR engines, forms factors and recognition tools to create a world-class automated recognition system.

Client Managed Work-Flow Queues

Our web-hosted A/P Invoice work-flow system allows clients to set up individual and departmental queues for both invoice approval and GL coding. With automated notifications, full featured escalation and re-routing capabilities, our clients track and manage invoices real-time using detailed dashboard views of work-flow queues.

Data Translation

V2 can map invoice data to virtually every accounting or ERP system including: SAP, Oracle, JD Edwards, and more. Not to mention any and all standard EDI data formats, as well as custom file formats.

Inventory Control

Utilizing a centralized inventory control database, OCRSERVICEBUREAU tracks every page of every invoice through every step of our production processes. The sophistication and precision of our inventory tracking is the reason we can offer SLA guarantees of 100% inventory control.

Quality Program

The OCRSERVICEBUREAU Quality Program starts with our commitment to our customers. Understanding our customer’s expectations and knowing how well we fulfill those expectations drives everything we do. Like many best in class organizations, we measure our organization’s success by the number of promoters we create among our customer base. Customer input also helps us prioritize our process improvement efforts. When process problems are identified, we use quality improvement methodologies such as LEAN and SIX SIGMA to continuously improve those areas. Whether it’s a cycle time improvement opportunity where we can apply LEAN concepts to take out waste and non-value added work, or a defect reduction project that may benefit from the statistical and analytical rigor of SIX SIGMA, we use proven tools to improve both the speed and effectiveness with which we deliver services to customers.

SLA Guarantees

Our SLA (Service Level Agreement) Guarantees are customized to meet the specific needs of each of our clients. In most cases our SLAs focus on three specific quality measurements: DATA ACCURACY, TURNAROUND and INVENTORY CONTROL.

Data Accuracy

Minimum Data Accuracy Rates of 99.5% or Better TURNAROUND Same Day or Next Day Delivery of Invoice Data and Indexed Image Files

Inventory Control

100% of Documents Accounted for and Recorded SECURITY We take the safety and security of your data very seriously. We understand the consequences to our clients, of a security breach. In 14 years of processing financial documents, we have never had a security breach. This is because OCRSERVICEBUREAU utilizes the most advance security protocols available. Highlights include: • All data and image files are stored and managed from highly secure Class A data centers. • Unlike others, we do not transfer data or image files overseas, to at-home staff, or remote data editing centers. • Each employee is subject to thorough background screenings utilizing nationally recognized investigation bureaus. We run complete background and credit checks on all new hires. • We conduct monthly security audits in conjunction with our SAS70 Type II certification.

Dependability

Dependability in invoice data lift services means consistently meeting accuracy and turnaround time commitments and maintaining high system up-times. OCRSERVICEBUREAU provides you the most dependable performance anywhere. But our view of dependability goes beyond these measures. We also believe that being highly responsive and quick to resolve customer requests is paramount. Come experience the dependability of OCRSERVICEBUREAU.

About OCRSERVICEBUREAU

OCRSERVICEBUREAU is an outsourced solutions provider specializing in automated data extraction and document management solutions. We enable our clients to benefit from cutting-edge technologies without the financial, IT, and personnel resources traditionally required. Our services create efficiencies that generate savings in operating budgets. We are paid with a portion of these savings.