SERVICES

Invoice Processing

Storetec’s invoice processing service digitises and extracts relevant data to ease automated processing. Our services integrate into your accounting systems to streamline invoice management, reduce manual data entry, and improve efficiency.
01.
COLLECTION
We can set up a dedicated PO box on your behalf, schedule regular collections from your office or storage facility, or receive email attachments to a central inbox, e.g., yourcompany@storetec.net, automatically uploading into MDI Cloud.
02.
PREPARATION AND SCAN
Invoices are manually prepared, removing staples, paperclips, or any obstructions that could jam the scanner. Our experienced team digitise the mail items, and OCR technology converts the scanned or electronic images into machine-readable text.
03.
DATA EXTRACTION AND VALIDATION
Data extraction algorithms analyse the text to identify and extract relevant information from pre-determined fields. The extracted data is validated against predefined rules or databases or a current data set, e.g., matching a PO on an invoice to a PO in the system.
04.
DELIVERY
Once the data is captured and integrated, the invoice can follow an automated approval workflow, where it is routed to the appropriate personnel for review and approval via MDI Cloud document and content management system.

The Benefits of Outsourcing Invoice Processing

Improved Efficiency
Automation significantly reduces the time and effort required to process invoices. With this, you can handle a higher volume of invoices without the need for additional staff.
Streamlined Process
We will handle the everyday tasks of receiving incoming invoices from your suppliers and importing data into your financial system, meaning you can pay suppliers and generate reports without delay.
Greater Accuracy
Remove the risk of overpayments and duplicating invoices, and instil confidence that financial reports and statements are error-free. We continue to invest in the latest automated solutions to achieve accuracy levels up to 99.9%.
Faster Processing
Accelerate the invoice approval and payment process. Invoices can be quickly routed to the appropriate personnel for review, approval, and payment, resulting in faster turnaround times and improved cash flow.
Improved Visibility
Gain better visibility into your accounts payable processes, identify bottlenecks, and analyse spending patterns, enabling more informed financial decision-making.
Cost Savings
Save on administrative costs. Faster processing and reduced errors can lead to fewer late payment fees and potential supplier discounts for early payments.
STORETEC

Data Capture Technology

01. OPTICAL CHARACTER RECOGNITION (OCR)
02. INTELLIGENT CHARACTER RECOGNITION (ICR)
03. OPTICAL MARK RECOGNITION (OMR)
01. OPTICAL CHARACTER RECOGNITION (OCR)
OCR is the recognition of printed or written text characters by a computer. OCR engines will break down any potential letter shapes, character-by-character, analyse the electronic image, and then translate the character image into text characters. The result is a string of characters and spaces, matched from the database of different font characters held within the OCR software.
Interested in the technology we use?
At Storetec, we leverage cutting-edge solutions to ensure accuracy and efficiency. Discover more about our advanced facilities and technology below.
About Our Facilities and Technology
02. INTELLIGENT CHARACTER RECOGNITION (ICR)
ICR is a more advanced form of OCR and can involve multiple OCR engines providing a higher level of accuracy. It can also be used to capture some handwritten information, especially on forms where the location, size and format of information can be restricted. ICR is also used in reading barcodes such as QR codes and is used in systems which employ artificial intelligence or machine learning.
Interested in the technology we use?
At Storetec, we leverage cutting-edge solutions to ensure accuracy and efficiency. Discover more about our advanced facilities and technology below.
About Our Facilities and Technology
03. OPTICAL MARK RECOGNITION (OMR)
OMR automates data capture from human-marked documents, like surveys and tests, by reading marks made in predefined areas. It's widely used for efficient data collection.
Interested in the technology we use?
At Storetec, we leverage cutting-edge solutions to ensure accuracy and efficiency. Discover more about our advanced facilities and technology below.
About Our Facilities and Technology
04. ARTIFICIAL INTELLIGENCE
We can capture key data from your invoices and input it directly into your finance system for a complete end-to-end solution.
Invoice Processing
Want to learn more?
Explore our Invoice Processing page to learn more about how we can help you streamline your invoice processing.
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INVOICE PROCESSING

Document Scanning for Paperless Invoice Processing

If you’re seeking a solution which is less complex than invoice capture, document scanning might be the right option for you. This process involves converting paper documents into digital formats, enabling seamless access, storage, and retrieval of critical information. Electronic images can be transferred to you via a secure downloadable link or uploaded into MDI Cloud for secure access.
FAQS

Frequently Asked Questions

  • Why Storetec?

    We pride ourselves on our certified approach, conducting regular audits to meet ISO, BS10008, and Cyber Essentials Plus requirements. Our experienced team, with a solution-focused culture, ensure the best outcomes for our clients. Our state-of-the-art facilities and cutting-edge equipment enable tailored, efficient solutions. These combined have earned us the title of BPO/Outsourcing/Bureau Business of the Year at the Document Manager Awards for the past nine years, showcasing our dedication to excellence.

  • What is invoice processing?

    Invoice processing is the entire workflow of receiving, verifying, and paying invoices from suppliers or vendors. It includes tasks like data entry, validation, approval, and payment.

  • Why is invoice processing important?

    Effective invoice processing helps organisations ensure accurate and timely payments to suppliers, avoid late payment penalties, and maintain good relationships with vendors. It also streamlines financial operations and reduces the risk of errors or fraud.

  • What is the typical invoice processing workflow?
  • What is invoice approval workflow?

    An invoice approval workflow is a structured process for reviewing and approving invoices before payment. It typically involves routing invoices to relevant individuals or departments for approval based on predefined rules and hierarchies.

  • How can I measure the efficiency of my invoice processing system?

    Key performance indicators (KPIs) for measuring efficiency include the time it takes to process an invoice, the cost per invoice processed, the accuracy of data entry, and the number of invoice disputes or exceptions.

  • How to automate invoice processing?

    Some ways we can help you automate your invoice processing are:
    • Use OCR software to extract data from invoices.
    • Implement validation rules and verify data accuracy.
    • Set up automated approval workflows.
    • Integrate with accounting systems for seamless data transfer.
    • Develop protocols for handling exceptions.
    • Maintain audit trails for compliance.

  • How long to keep accounts payable invoices?

    The retention period for accounts payable invoices can vary depending on legal and regulatory requirements, as well as internal policies.

WE BELIEVE OUR AWARDS ARE A TESTAMENT TO THE QUALITY SERVICES WE PROVIDE OUR CLIENTS.

Over the years we’ve been nominated for and won numerous awards at the annual Document Manager Awards Ceremony including BPO/Outsourcing/Bureau Business of the Year for nine years, and Storage Product of the Year in 2023.
ACROSS THE UK

Local document scanning services

Discover the convenience and efficiency of our local document scanning services. We understand the importance of digitising your documents accurately and securely. With our state-of-the-art technology and experienced team, we ensure a seamless transition from physical to digital.