Accounts payable ocr software
- What approval costs a month
- $4,300.80
- Hours on routine handling
- 120
- Hours on exceptions
- 14.4
Every figure on this page is computed from the inputs entered, by the method stated below it. Monthendly publishes no benchmark close time, no industry average DPO and no accounting standard: the tasks, the minutes, the rate and the exception rate are yours, and the defaults are a worked example to replace with your own figures.
Accounts payable OCR software reads a supplier invoice and turns it into fields: supplier, date, number, net, tax, total, and often the lines. It is the first step of clearing payables, and it is the step most worth removing from a person, because typing an invoice header is pure transcription with no judgement in it. What OCR is not is magic. It gets the common layouts right and the unusual ones wrong, it needs somewhere sensible to put an exception, and it is only as useful as the matching and approval that happen after it. This page is what OCR does well, what it does not, and how to judge it before buying.
Open the Accounts payable invoice approval process Free to use. No account, no card, no sign-up.
Capture the header, which is most of the typing
Supplier, invoice number, date, net, tax and total are the fields that go wrong when they are typed at speed at the end of the month. Reading them off the document removes the transcription and, more usefully, removes the excuse for posting an invoice without looking at it.
Send what it is unsure about to a person, visibly
The important design decision in any capture tool is what happens when confidence is low. It should present the field for correction rather than guess, and it should be obvious that it did. A tool that silently guesses is worse than one that asks.
Feed matching, not a folder
Captured data is only worth having if the next step uses it. The invoice should arrive at matching with its fields populated and its document attached, not as a PDF in a folder with a spreadsheet beside it.
Accounts payable ocr software: common questions
How accurate is OCR on supplier invoices? It depends on your supplier mix and we are not going to quote a percentage we have not measured on your documents. The useful question is not accuracy in the abstract but what happens to the ones it gets wrong, and how quickly a person can see and fix them.
Do we still need to check invoices? Yes. Capture removes the typing, not the responsibility. Matching and approval are where an invoice is checked against what was ordered and received, and no capture tool substitutes for either.
Is paperless the same as OCR? Related but not the same. Paperless means the document lives digitally with the record; OCR means the fields are read off it. You can be paperless with no OCR at all, and plenty of teams start that way.
Will it do what you need for Accounts payable ocr software?
Tell us how your close runs and we will tell you straight whether Monthendly Pro fits it today, whether it is coming, or whether you need a different product instead. A person reads these and replies.