Open Scan Now Offering Leading Class Invoice Processing Automation Systems

By Author: WSI ALM
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In order to consolidate the speed of invoice processing, companies require automation systems that offer frontline users the ability to streamline their workload within the accounts receivable and account payable departments. Many organizations depend upon their accounting staff to ensure that all reporting data is accurate. But without a computerized automated system for checking figures consistently, research shows that the error rates can still be upwards of XX PERCENT. That’s why companies throughout North America are now turning to accounting automation experts Open Scan Technologies Inc. for help managing their financials and improving the efficiency of both clients and in-house team members.

Open Scan revolutionized the accounting automation technology industry with their invoice processing automation technology. Their software is now in place at major organizations in a variety of industries in North America due to their ability to offer innovative, customized, and accurate accounting automation solutions that help companies to reach their in-house objectives such as reducing expenditures, increasing accounting ...
... accuracies, and consolidating employee workloads.

One of the latest innovations from the company is their new accounts payable automation solution. This solution has been engineered by the technical specialists at Open Scan for the seamless processing automation of hard-copy vendor invoice data. This includes every element of managing the vendor invoice, from data entry, to exceptions resolution, to intelligence approval.

The company’s accounts payable solution utilizes a specific process for ensuring complete data accuracy. This process begins with the capturing of invoice information through the use of high speed scanners and electronic file adapters.

Through the Open Scan system, there is no need to sort the invoices prior to scanning, thereby substantially consolidating overall processing time. Once the data has been successfully captured within the system and verified, the required data is then extracted by an OCR [Optical Character Recognition] system that has been specifically designed by the engineers at Open Scan for the automation of processing invoice line items and static data with a record setting accuracy rate of XXX percent.

Once this extraction has been completed, the system is designed to take the extracted data and format it so that it meets the requirements of the client’s current ERP system environment. After this step is completed, invoice items that match the related purchase order are approved without the need for staff intervention. For specific mismatches within the system and other line exceptions, the existing accounts payable system will create a report that enables intra company management approval.

This style of automating the processing accounts payable information has proven to be effective in helping companies to reach the very apex of their industry. One recent research study from the Hackett Group has found that top performing organizations are processing a higher percentage of vendor invoice documents with automation technology in comparison with others in the industry. Before integrating an automation solution the average accounts payable cost per transaction for companies in the United States was $9.87, but when integrating a full-service automation solution, organizations were able to reduce their costs to an astounding industry record of $4.56 per transaction – significantly consolidating overall expenditures.

Conducting invoice processing automation with the Open Scan’s accounts payable solution is the ideal way to streamline electronic routing and approval process and reduce the workload on in-house accounting personnel. Contact the company’s in-house product experts today to learn more about the business advantages offered by their leading class automation systems.

About Open Scan Technologies Inc.:

Headquartered in Denver, Colorado, Open Scan Technologies Inc. is one of the software industry’s leading business software development companies. The company’s intuitive Open Scan solution offers companies a superior total cost of ownership and a lower impact on IT systems than industry competitor products. To learn more about the organization, please visit Openscan.

Based in Denver, Colorado, and founded in 1998, Open Scan is a privately held software and services company. In addition to our innovative software that can be “taught” in a matter of seconds rather than cumbersome “learning” centric models, Open Scan brings to its clients best practice subject matter expertise in receivables and payables processing. Website at http://www.openscan.com/.