Over the past decade, there has been a significant rise in the number of shared service centres (SSC) being formed. The Accounts Payable Team within these centres are posed with a number of challenges on a daily basis. The use of manual data entry can decrease the efficiency of the SSC and also potentially introduce keying errors that result in inaccurate data being introduced to the ERP/Accounts software.
There are many organisations that are attempting to set up SSC’s with less expensive labour costs. The use of invoice reading technology is becoming increasingly popular, as it is an important method in which SSC’s can improve the accuracy and accelerate the throughput of their invoice data in a cost-effective manner.
FIS/fci is an Invoice Reading Technology that will reduce the need for manual work and provide savings on labour costs. The SMART technology eradicates the need for putting bar codes and date stamps on documents, and its “free form recognition technology” ensures that invoices are read from day-one – no manual templates for every supplier.
FIS/fci is also able to read and process invoices from different countries and in foreign languages. It is able to function when dealing with different currencies, varying tax rates and is also able to classify the incoming documents by type.
Document data extraction technology is now a powerful technique used by a large number of Shared Service Centres, as it saves them both time and money with the of AP department. The solution is an extremely flexible one, as the technology is able to function regardless of whether the invoice has been sent via email or paper.
The use of Invoice Reading Technology significantly reduces the need for any manual data entry and therefore lowers the risk of human error. The technology runs any invoices through a series of rigorous validation checks to ensure that the data is accurate, and provides a more economical solution than increasing head-count and labour costs.
If you require any further information on how our technology can improve the efficiency of your SAP invoice processing, then please don’t hesitate to contact our dedicated team.