Invoice Processing & Scanning
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Invoice Processing Overview
Using our sophisticated data capture techniques we save our customers, time, money and significant effort by removing the need to manually process accounts payable invoices. This frees up your time to concentrate on core accounts payable tasks in your department.
Step By Step Process Overview
- Invoice arrives with BPMS via PO BOX or dedicated email account
- Post opened, sorted and categorised
- Documents prepared and scanned to agreed specification
- Data extraction via blend of OCR and manual data entry
- Quality control checks at all stages
- Management of business rules
- PO matching and validation
- Upload to EDM system or accounts package
How To Calculate The Cost Of Processing An Invoice
According to industry research group Gartner, the typical cost of processing an invoice in the UK averages between £4 and £25. In some cases it can even be as high as £50. This is per invoice.
Results of IOMA’s AP 2012 Department Benchmarks and Analysis report, indicates that in an environment with a low level of automation the average cost of processing an invoice can be up to 20 times the average cost of invoice processing in an environment with high levels of automation. With such high levels of success being achieved with invoicing automation solutions, increasingly more businesses are now recognising the significant benefits.
However, for businesses still relying on manual paper intensive systems, tracking the average costs associated with invoice processing is problematic. Technology research specialists Paystream Advisors (2012) carried out a widespread survey, identifying that it is for this reason that one whole third of companies surveyed are unable to answer this simple question.
Unsurprisingly, manual accounts payable processes outweigh alternative methods in smaller to medium-sized companies where human and capital resources are limited. This results in higher processing costs in smaller companies, compared to medium-sized companies which, according to 2012 survey results, have done well to control the cost of invoice processing. However it is the larger companies achieving the most cost efficient processes, due to the implementation of automation solutions. With these systems in place, businesses are able to easily measure invoice processing costs.
Paystream Advisors (2012) report that processing costs are down across the board, indicating a rise in the implementation of automation solutions. It is predicted that as more companies adopt these solutions, processing costs will continue to decrease dramatically. Additionally, larger sized businesses are also leading the way in the implementation of other AP technologies such as eInvoicing and electronic payments.
Why BPMS?
Experience
By putting your trust in BPMS you have access to decades of experience in working with clients both large and small in delivering document management solutions. We deliver and support the latest platforms and operate a fully staffed document scanning bureau housing the very latest equipment to deliver you a professional one stop shop for all your document and information management needs.
Security Guarantee
The security of your highly sensitive data, the cornerstone of everything you do, is central to everything we do at BPMS. All our personnel are subject to DBS checks and enter into a non-disclosure contract and our systems are continually subjected to the most strenuous testing.
What Our Clients Say
FAQ’s
What does the BPMS invoice processing service involve?
We provide a fully outsourced invoice processing service. Invoices arrive at BPMS via a dedicated PO Box or email account, where they are opened, sorted and scanned. We then extract the key data fields using a blend of OCR and manual data entry, perform quality checks, apply your business rules, complete PO matching and validation, and upload everything into your EDM system or accounts package.
How much does it typically cost to process a single invoice manually?
According to industry research from Gartner, the typical cost of processing an invoice in the UK ranges between £4 and £25 – and in some cases can be as high as £50 per invoice. Automated processing can cut that cost dramatically, by as much as 20 times in highly automated environments compared with manual processing.
What is OCR and how does it help with invoice processing?
OCR stands for Optical Character Recognition. It’s the technology that automatically reads the text on a scanned invoice and converts it into structured data – such as supplier name, invoice number, date and amount. This removes the need for your team to manually type invoice details into your accounts system, dramatically speeding up processing.
Can BPMS match invoices against purchase orders automatically?
Yes. As part of the workflow we can automatically match each incoming invoice against the relevant purchase order, flagging discrepancies for review. This ensures only valid, authorised invoices proceed to payment and removes a significant manual checking burden from your AP team.
Will invoice processing integrate with my existing accounts software?
Yes. Once data has been extracted and validated, we upload the invoice image and structured data directly into your EDM system or accounts package, so your finance team works inside their existing tools rather than learning something new.
How does automating invoice processing improve cash flow?
Faster invoice processing means you can take advantage of early payment discounts that would otherwise be missed, reduce the risk of late payment penalties, and gain real-time visibility of liabilities. It also frees up your AP team to focus on supplier management and other high-value tasks.
What quality controls are in place to make sure invoice data is accurate?
We apply quality control checks at every stage of the process – from initial scanning through OCR extraction and PO matching to final upload. A blend of automated validation rules and manual review by trained staff ensures the data entering your accounts system is highly accurate.