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| Invoice Capture |
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Intelligent Capture eliminates expensive bottlenecks Manual entry adds extra costs to every invoice you receive Data capture shows fantastic results in the Accounts Payable (Purchase Ledger) area of your business. The impact of out dated, slow, paper-based processes is felt the most in invoice processing. Keying in data, shuffling invoices, checking values, photocopying documents for authorisation, are just some of the reasons why this process is costly and very time consuming. Here are some more I'm sure you will recognise:
Storetec's invoice capture processing service can automate all manual input activity from initial receipt to final storage for the next seven years. With outsourced document scanning and our Intelligent Invoice Capture you can accurately reproduce all key invoice data from invoices. This Captured Invoice information can then be automatically imported directly into your accounts payable software or other back office solution. Workflow can be added as an additional option. Automating invoice capture processing delivers:
No more manual filing or lost documents Storetec automated invoice processing links directly with our document management solution, automatically storing associated documentation for easy access and retrieval. You can securely access records from any location anywhere in the world, and print or distribute them electronically, with just a few clicks and internet access.
Storetec makes the transition easy Storetec's solution makes it easy to move to intelligent capture.
To learn more about Invoice Capturing contact us for a free consultation and quote. |
- The History of Invoice Capture
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Experts believe that invoicing can be traced back to the Mesopotamians over 4,000 years ago. They could be credited with being the cradle of civilization and the first to generate business code structures and government regulations for commerce.
Nowadays companies send legally binding documents in a paper or electronic format known as a bill or invoice which is a commercial document issued by a seller to a buyer detailing the product or service, quantities, costs and timescales for which the seller has provided the buyer. According to the payment terms laid out on the invoice the buyer must pay the seller.
Companies will use internal accounting systems, often electronic based software which allow the invoices to be structured and formatted universally to make the accounting process easy quick and often automated. However, invoices received from suppliers usually do not follow the same format, often these may be handwritten making manual intervention a necessity and putting a strain on businesses for human resource. Late payments can quite easily kill a business.
The invention of electronic invoice capture with OCR (Optical Character Recognition) removes the requirement of human resources by the invoice being scanned (whether hand written or computerised) to recognise key components of the invoice such as invoice number, company name, amount and VAT. The software automatically checks for numerical errors and logs the invoice into one standardised document which in turn can populate a company’s internal accounting software. The processing of the invoice is completed with minimal delay ensuring sufficient time for all payments to be made.
To read more articles in this series please click the link below:
The History of Document Scanning
The History of Box Storage
The History of Document Hosting
The History of Data Capture & Indexing
The History of Microfilm & Microfiche Conversion
The History of Archive Scanning
- Invoice Capture - A Bluffers Guide
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Invoice Capture is when a paper based invoice is scanned and the information on the paper based invoice is recorded as data. This involves optical or digital scanning methods. The data that is captured whether it is hand written data or computer generated data is matched with the relevant fields in the Invoice capture document hosting system.
On invoices common data fields are required by law to ensure the invoice is valid. These fields are typically the name and address of the payee, the name and address of the recipient, the invoice number, the amount for the goods or services purchased and if applicable a VAT registration number.
When a paper invoice is scanned for invoice capture, the data from the fields is recognised and placed into a database where the information can be uniform. If there is more than one product or service on an invoice, the data amount is automatically calculated and any errors adding the costs or calculating the VAT will be flagged up in the system automatically. The error messaging system can vary between invoice capturing companies.
Storetec use a traffic light system. If the information is automatically recorded and the system does not detect any errors, the ‘green light message’ allows the next invoice to be captured. If the system detects a query relating to a part of the data, the ‘orange light message’ allows human intervention and can most likely be resolved by human resource at the invoice capturing company. A ‘red light error’ means the system cannot understand the data or it is calculated incorrectly on the invoice and a new invoice may be required to be issued.
The invoice capture system allows the majority of the laborious human resource to be automated, saving companies’ time and money.
To read more articles in this series please click the link below:
A Bluffers Guide to Document Scanning
A Bluffers Guide to Box Storage
A Bluffers Guide to Document Hosting
A Bluffers Guide to Data Capture & Indexing
A Bluffers Guide to Microfilm & Microfiche Conversion
A Bluffers Guide to Archive Scanning
- Invoice Capture Industry Sectors
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Invoice capture can be beneficial for a variety of companies from SME’s to blue chip organisations. Storetec supply the Invoice capture service to the following industries:
• Medical and Healthcare
• Public Sector, Councils and Government
• Construction and Architects
• Education
• Legal and Law Enforcement
• The Leisure Industry
• Aerospace
• Financial Services
• Charities and not for profit organisations
Below are a few examples of specific sectors and why invoice capture with Storetec is the ideal solution for their business needs.Financial Services:
Financial Service Organisations must adhere to the strict code of the FSA (Financial Service Association), deviance from this could result in the organisation losing their licence. Certain documents are required by the FSA to be kept in their original format for a specified period of time for compliance such as certificates, application forms and valuations. As we are moving into the digital age, financial organisations are using Storetec not only for their invoice capture but also box storage and scanning because Storetec understand and comply with all compliance regulations for their clients.
Charities & not for profit Organisations:Any organisation that relies on external funding needs to manage and protect their budget very carefully. Many charities and not for profit organisations have complex business structures with multiple projects running for a period of time and to a specific budget. Storetec’s Invoice capture service can capture the data from all different projects and departments, quickly and accurately saving time and money and allowing such organisations to keep up to date financial information creating efficiency in their financial department.
To read more articles in this series please click the link below:
Industry Sectors Document Scanning
Industry Sectors Box Storage
Industry Sectors Document Hosting
Industry Sectors Data Capture & Indexing
Industry Sectors Microfilm & Microfiche Conversion
Industry Sectors Archive Scanning
- Invoice Capture Legislation
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Electronic Invoice Capture is the automation of the accounts payable process from any format, any source; physical documents, electronic documents, and document images, via mailbox, fax, file transfer o r email.
The accounts payable process in most organisations isbasically the same regardless of the organisation type, but regulations with the Invoice processing in England will be governed by English Law and in some cases specific information or processing is stipulated by that Organisations Governing body.
Invoice Capture is the step between hard copy invoicing and E-Invoicing that allows accurate processing, reduces cost, gives greater business agility and provides processing that meets compliance with tax and other regulations.
The European Commission has set out a legal framework (Council Directives 2001/115/EC and 2006/112/EC) for national regulations governing harmonized invoicing with regard to VAT requirements.
The framework stipulates a set of master data fields that shall be incorporated in all invoices issued throughout the EU for VAT tracking purposes.
Storetec provides invoice capture to a variety of organisations from Solicitors to workmen, to blue chip organisations and understands the ever changing legislation surrounding this. Using Storetec for Invoice Capture requirements will guarantee all regulatory compliance is met.
Acknowledgments
http://www.adobe.com/content/dam/Adobe/en/devnet/livecycle/pdfs/lc_eInvoicing_wp_ie.pdf
To read more articles in this series please click the link below:
Legislation Governing Document Scanning
Legislation Governing Box Storage
Legislation Governing Document Hosting
Legislation Governing Data Capture & Indexing
Legislation Governing Microfilm & Microfiche Conversion
Legislation Governing Archive Scanning
- Invoice Capture Case Study
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HM Revenue and Customs (HMRC) have launched a crackdown on poor record-keeping among smaller businesses.
Ideally, businesses should have tax records going back at least six years and keep invoices, bank statements, paying-in books and details of purchases and expenses.
Businesses who fail to meet the required standards could face fines of up to £3,000, although HMRC has advised that this will only happen in exceptional circumstances in the first phase of investigations.
According to HMRC, more than two million small business owners could be keeping inadequate records, which has historically lead to an underassessment and payment of tax. Given the deteriorating fiscal landscape, it is not surprising that HMRC is ramping up its compliance activity on the SME sector. In fact, HMRC is planning 12 taskforces in this tax year, the first of which was launched in May, with more to follow in 2012/13.
The compliance programme began back in June when HMRC rolled out nationwide random visits to small business owners to conduct on the spot business record checks. The spot checks are expected to see some 50,000 small businesses visited and face the threat of fines of up to £3,000 on those whose records do not meet minimum standards.
Storetec provide an invoice capture service that extracts the data from invoices and converts them to a format that can be automatically inputted into the clients accounting system. This in most removes the need for the lengthy keying of invoice data and removes the error rate associated with human input.
Acknowledgements: http://www.lamontpridmore.co.uk/business_news_may11_hmrc_announces_crackdown.htm
To read more articles in this series please click the link below:
Document Scanning Case Study
Box Storage Case Study
Document Hosting Case Study
Data Capture & Indexing Case Study
Microfilm & Microfiche Conversion Case Study
Archive Scanning Case Study
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