There are some common reasons accounts payable (AP) departments look to employ invoice capture tools. Typically they are looking for increased efficiency, and reduced costs, and faster invoice cycle times.
We will look at the three main approaches to invoice capture, which are:
If you are a company that is receiving a low number of invoices, say fewer than 10,000 annually, then scanning and OCR may be a good fit due to the low capital investment.
Outsourcing fits companies who prefer outsourcing philosophically or for those companies that have a lot of one-time suppliers, the latter referring to those companies that don't plan to do much in the way of supplier management. It would be a good option for those companies who, for the foreseeable future, are going to have a lot of suppliers that do business with them once and then never again.
True Electronic Invoicing, or e-Invoicing, hits a lot of the goals that customers have with wanting to improve the invoice capture process. If you are looking for the highest benefits across the board and want to set your AP department up to have a truly efficient process, e-Invoicing is really the best option available.
Learn more about true e-invoicing in our white paper.