In many organizations, the Accounts Payable (AP) department is still reliant on manual data entry which is a time-consuming and error-prone process. The Institute of Finance and Management (IOFM) reports that it costs AP departments $11.76 to process a single paper invoice. However, organizations that manage invoices electronically save $5.46 per invoice. Automating your AP department will drastically improve the flow of information and improve the productivity of staff.
MSI Mold Builders is a state-of-the-art injection mold producer. Their AP department receives thousands of invoices monthly and their staff was starting to get overwhelmed. Invoices were taking too long to processes and staff was wasting valuable time manually entering data. The AP department staff knew there had to be a better way and set out to find an automated solution.
MSI Mold Builders worked through Digitech Systems reseller, Erb’s Technology Solutions, to automate their invoice handling. They chose PaperVision® Capture to scan invoices as soon as they are received, PaperVision® Enterprise WorkFlow to automatically route invoices through approval processes, and PaperVision® Enterprise to securely store invoices in-house. Staff was even able to eliminate the manual data entry from their processes utilizing the patented Artificial Intelligence (AI) capabilities of PaperVision® Forms Magic™.
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