01.
COLLECTION
02.
PREPARATION AND SCAN
03.
DATA EXTRACTION AND VALIDATION
04.
DELIVERY
The Benefits of Invoice Processing Services
Improved Efficiency
Streamlined Process
Greater Accuracy
Faster Processing
Improved Visibility
Cost Savings
Data Capture Technology
01. OPTICAL CHARACTER RECOGNITION (OCR)
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02. INTELLIGENT CHARACTER RECOGNITION (ICR)
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03. OPTICAL MARK RECOGNITION (OMR)
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04. ARTIFICIAL INTELLIGENCE
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The Benefits Of Outsourcing Receipt Processing
Automated Receipt Scanning
The Key Benefits Of Receipt Processing
Improved Efficiency
Our professional receipt processing services utilises advanced tools and expertise to manage receipts more quickly and accurately than in-house teams.
Cost Savings
By outsourcing receipt scanning, businesses can reduce overheads associated with hiring, training, and maintaining staff for receipt management.
Enhanced Accuracy and Compliance
Outsourcing receipt scanning to our advanced technology can better ensure compliance with regulations and minimise errors in financial reporting, thanks to their specialised knowledge and robust systems.
Automated Invoice Processing
How Automated Invoice Processing Can Benefit Your Business
Better Financial Insights
Invoice processing automation can help with real-time tracking and reporting of invoices provide valuable insights into cash flow and financial performance, aiding better decision-making.
Faster Approvals
Streamlining your invoice processing through automation accelerates approvals and minimises manual checks, leading to timely payments and a smoother, hassle-free experience.
Strengthened Scalability
As your business grows, automated solutions can handle increased invoice volumes without additional strain on your resources, improving your bottom line.
Document Scanning for Paperless Invoice Processing
WE BELIEVE OUR AWARDS ARE A TESTAMENT TO THE QUALITY SERVICES WE PROVIDE OUR CLIENTS.
Local document scanning services
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 ten years, showcasing our dedication to excellence.
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.
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?
The typical invoice processing workflow includes the following steps:
– Invoice receipt
– Data entry
– Invoice validation
– Approval workflow
– Payment processing
– Archiving and record-keepingWhat 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.
What is receipt processing?
Receipt processing is the organised handling of receipts from financial transactions. It involves collecting, categorising, and extracting data from receipts, ensuring they are accurately recorded for accounting purposes.
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.
