Scanning Invoices: Separating Facts from Fiction in AP Automation
Accounts Payable (AP) Automation is revolutionising finance operations worldwide. Gone are the days of time-consuming, error-prone manual processing. Now, touch-free processing takes the lead, with scanning invoices at its core.
Research indicates that AP automation substantially boosts straight-through invoice processing rates. Its adoption is soaring. However, certain intricacies often go unnoticed or underplayed by vendors.
The Importance of Data Extraction
The practice of scanning invoices is pivotal for AP automation in the UK. It involves collecting, categorising, and arranging data from diverse invoice formats. Inaccurate extraction could hinder the performance of the AP automation system, introducing possible errors, inefficiencies, and elevated fiscal risks.
Many AP vendors exaggerate their capabilities in scanning invoices and often under-deliver. Some even ignore this crucial aspect.
What AP Automation Vendors Don't Want You to Know
It might surprise you that not all AP automation tools can scan invoices without human intervention. While AI and ML have elevated the process's speed and precision, there remain instances demanding extensive data training, a service not all vendors provide.
MYTH – OCR Technology is Outdated and Inaccurate
OCR technology’s portrayal as outdated is misleading. Continuously enhanced over time, OCR today is more advanced and plays an indispensable role in AP automation, particularly in scanning invoices.
Systems exclusively relying on data layers can face issues if data layers are absent or unusable in several documents.
MYTH – AI and Machine Learning are Superior to OCR
The notion that AI and machine learning inherently outshine OCR in scanning invoices is a myth. While promising, they need vast data sets to be effective.
For extracting data from intricate or poorly structured documents, OCR is often more reliable. Therefore, a combined approach harnessing both technologies often yields superior accuracy in scanning invoices.
MYTH – Automation can be Achieved for All Document Types
To believe that AI and ML can process all types of documents equally is too optimistic. Certain documents, particularly those that are intricate, or scanned repetitively, challenge these technologies.
The outcomes might fall short, especially if data layers are missing or if the document’s structure is overly intricate.
MYTH – Automated PO Matching is Easily Achieved
Automating complex PO matching isn’t always straightforward. Documents to be matched may be uniquely formatted with varied data presentation.
One universal automation method won’t suffice. AI shines here, aiding in pattern identification and data extraction, especially when scanning invoices with varied structures.
Unravel the intricate layers of the industry that remain cloaked in mystery. Our exclusive guide offers profound insights that challenge the status quo. Discover nuances, debunk myths, and harness the power of informed decisions.
The Kefron AP Invoice Automation Approach
Intelligent Invoice Extraction
Kefron AP harnesses the power of all available technologies to access and recognise data from both scanned and machine readable invoices. We combine Artificial Intelligence, Computer Visioning, Machine Learning, templates and rules, and OCR for the best possible performance in all scenarios.
Machine Learning Technology
Machine Learning is the process whereby the software remembers when it is provided with corrections or with additional training data in the form of new invoices, and ultimately learns over time. Naturally, our software employs machine learning to improve and enhance accuracy levels.
Continuous Improvement Team
Kefron AP is the only solution that provide a specialist extraction team at no extra cost. Every customer benefits from the combination of our cutting-edge technology and our human extraction optimisation experts at no extra charge.
Customisable Workflow Solution
Kefron AP facilitates multiple rules so that all data extraction requirements can be met. If you want certain data managed in a specific way, Kefron AP can verify data against a set rule or directed to a particular process.
Kefron AP Average Monthly Data Extraction
Documents Received for Extraction
over 0 million
Mandatory Fields Requiring Extraction
Extraction Success Rate
of Invoices Needing AP Team's Manual Input