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 FreeDocs.

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 FreeDocs document 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.

Services
Data Capture Technology
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
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 FreeDocs for secure access.

FAQs
Frequently Asked Questions
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 for FreeDocs Document Management System 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.