Invoice Processing: Definition, Challenges and Automation
[vc_row][vc_column][vc_column_text]Companies frequently order and sell raw materials, goods, services, etc., in bulk. When buying and selling goods worth hundreds and thousands of dollars, it is crucial to ensure that payments are made on time. There should be no discrepancies or inaccuracies in the invoice as it may negatively affect business relationships and the influx of […]
What is Invoice Data Capture & How to Automate It?
[vc_row][vc_column][vc_column_text] What is Invoice Data Capture? Invoice data capture refers to the process of extracting relevant information from invoices, such as the vendor details, invoice number, date, and itemized list of products or services, using various technologies like Optical Character Recognition (OCR) and machine learning. With invoice data capture, businesses can easily monitor and analyze […]
Need for Invoice Scanning OCR Software for Your Enterprise
[vc_row pix_particles_check=””][vc_column][vc_column_text]Enterprises are transitioning towards digital documentation quite rapidly. Physical documents at large are being replaced by emails, scanned images, PDFs and documents in other digital formats. This has made the internal workflows lean, efficient and smooth for enterprises as most data can be shared almost instantly. Invoice scanning OCR software has a huge role […]
AP Invoice Processing for BFSI
[vc_row pix_particles_check=””][vc_column][vc_column_text]Advancement is a story of every field, whether it’s technical or commercial. Small to large firms make sure to update their service for their better image and users’ better experience with them. It is noticed that we come across a section that maintains data regarding expenditure and earnings. All this towards a particular part […]
How Does Invoice Automation Process Streamline Your Business Operations?
[vc_row pix_particles_check=””][vc_column][vc_column_text]As per the Coupa report, 64% of companies which implemented AP automation processes witnessed improved efficiency in their business process. Invoice Automation Process is a system which streamlines the accounts payable process to process the invoices. With an invoice automation process, you can reduce the time taken by the manual procession of invoices, thereby […]
Why is it Important to Invest in Touchless Data Capture from Invoices?
[vc_row pix_particles_check=””][vc_column][vc_column_text]As per statistics by Mckinsey, the Account Payable market is to reach 5.8 Bn due to automation with a CAGR of almost 10.8% in the period of 2022-2029. Thus, most businesses are resorting to touchless data capture methods from invoices not just limited to Optical Character Recognition but also include other automotive processes. Invoices […]
3 Must-have Features of Invoice Automation OCR Software In 2023
[vc_row pix_particles_check=””][vc_column][vc_column_text]Any delay in data loading directly impacts a company’s timelines. Especially the sales reports that serve as the basis of inventory planning, marketing, and sales target decisions. The manual invoice processing system also relies on manual monitoring. This makes it prone to errors. Hence, invoice automation ocr software is required. Optical character recognition (OCR) […]
4 Advantages of Leveraging Invoice OCR Services
[vc_row pix_particles_check=””][vc_column][vc_column_text]OCR or Optical Character Recognition converts text from scanned documents. It operates on PDFs, and images into documents. For instance, the OCR technology can take the image of a word such as “STOCKS” and separate the letters. Letters are split into six distinct parts—S, T, O, C, K, and S as though you were […]
Benefits of KlearStack’s Cloud based Invoice Processing Software
[vc_row pix_particles_check=””][vc_column][vc_column_text]Remote working has already cemented its place in the market for its unparalleled benefits for both the employers and the employees. While there are several advantages of migrating to a remote work culture, not having the adequate technical infrastructure to facilitate this generational shift can make things worse for businesses. One of the most […]
Automate Vendor Invoice Processing: The KlearStack Effect
[vc_row pix_particles_check=””][vc_column][vc_column_text]Every business owner has his obligations towards the vendors who render products and services periodically to facilitate operations continuously. Whether one calls it vendor invoice processing or just bill settlement, the fact remains that making payments whenever they are due is necessary for building strong business relationships. A very common mistake occurring in the […]