Duplicate and inaccurate payments continue to present a significant challenge for Accounts Payable operations, and data entry errors can be extremely costly. One of the leading causes of duplicate payments is the inconsistent keying of invoice information, with invoice numbering being the most common error.
With Advanced Data Capture, accuracy is significantly increased as the software extracts the exact information listed on the scanned invoice, eliminating human error. Business rules can be used to validate against Lawson and “build” invoice numbers where one does not exist (such as for utility payments). Programmed business rules achieve a level of standardization that no amount of written guidelines and compliance monitoring ever could.
Advanced Data Capture utilizes the newest generation of extraction technology, designed to capture data from unstructured forms such as invoices, regardless of the format. Advanced Data Capture reads scanned invoices much like the human eye would, intelligently breaking down the invoice and recognizing key fields based on the flow of the document and various triggers (e.g. phrases like “Invoice #” or “Remit Payment To”).
Templates have been replaced with a knowledge base that can absorb new information automatically. If the software is not able to identify a particular field, the “validator” clicks on the field on the invoice image and the software “learns” so that it is able to find the information next time. By eliminating templates, Advanced Data Capture also eliminates the work and maintenance required to manage traditional data capture solutions. This allows companies to use capture for all invoices, not just higher volume vendors.