Manual data input is a considerable challenge for accounts payable (AP) teams, consuming valuable time and resources that could be better spent elsewhere. With a multitude of OCR (Optical Character Recognition) solutions available in the market, making the right choice for your organisation is more critical than ever. However, not all OCR tools are made equal. Identifying the right OCR tool can significantly enhance your AP processes, eliminating inefficiencies and streamlining operations.
What to Look for in an OCR Solution for Invoice Management
Ease of Upload
The process of downloading invoices from supplier emails, logging into a separate platform, and uploading the invoices is simply too time-consuming and error-prone. Kloo introduces a smart invoice inbox where suppliers can directly send their invoices. Upon receipt, Kloo's AI identifies the document type and automatically extracts and uploads the information. This direct pipeline not only saves time but also significantly reduces the margin for error.
Generative AI to Enrich Data Entry
It's widely acknowledged that OCR technology, while transformative, is not infallible. The occasional inaccuracies can lead to data discrepancies and require manual oversight. However, by incorporating a secondary layer of generative AI after OCR extraction, we can achieve much higher degrees of accuracy. This advanced AI can also generate concise summaries of invoices, providing a snapshot view.
AI-Automated Matching
Traditional rules-based matching systems are fraught with limitations, particularly when discrepancies arise, such as variations in supplier names between purchase orders and invoices. To maximise efficiency in your AP process, go for a solution that integrates AI-powered automated matching with context-based matching that adapts to real-world complexities.
Automated Approval Workflow Assignment
Efficiency in invoice processing isn't just about data capture; it's also about what happens after. Kloo automates the assignment of invoices to appropriate approval workflows based on predefined criteria such as amount and supplier. This automation ensures that invoices are processed and approved for payment swiftly and accurately, enhancing overall operational efficiency.
Scalability
As your organisation grows, so too does the volume of invoices. An ideal OCR solution should not just meet your current needs but also scale with your business.
Key Takeaways
In the search for the right invoice OCR solution, it's essential to consider not just the immediate benefits but also the long-term impact on your AP processes. With features like a smart invoice inbox, generative AI for enhanced accuracy, AI-automated matching, and automated workflow assignments, Kloo stands out as a solution that can truly transform not only invoice capture, but your invoice management as a whole.
