Combine  OCR Document Mangement Service in the Cloud with AP INVOICE PROCESSING to reduce cost

 

Achieving accurate and cost-effective invoice processing can be
a challenging task for any organization. For companies operating
in heavily regulated industries, regulatory compliance provides
an additional complication. Accounts Payable (A/P) departments
are always eager to improve how they can pay an organization’s
obligations at the lowest possible cost.
Ironically, most companies using traditional accounts payable
systems incur up to $60 in processing cost just for the privilege
of paying the bills. That cost estimate assumes complete accuracy
the first time an invoice goes through the A/P system. When
mistakes occur, getting things right simply increases the cost
of paying the invoice.
Your company most likely receives invoices in a wide variety of
nonstandard formats. You probably have to deal with EDI, faxes,
emails and hard copy invoices. Whatever form your trading partners
use for invoices, your job is to get them into your accounts payable
system quickly and accurately, in the most cost-effective manner
possible.

A/P INVOICE PROCESSING THE OCRSERVICEBUREAU WAY

OCRSERVICEBUREAU provides a comprehensive outsourced solution to
drive accuracy and efficiency in your accounts payable process.
Our sophisticated data capture solutions can automatically process
any invoice, regardless of its layout or media form. We deliver
process ready data that is guaranteed 99.5% accurate within 24
hours. OCRSERVICEBUREAU can improve you’re A/P Invoice processing
in the following ways:

IMPROVE CASH CYCLE MANAGEMENT

Imagine having total control of all your payments, complete with
the ability to take advantage of early payment terms when you
choose. With data delivery guaranteed within 24 hours, this level
of control is possible. Line-item invoice detail is automatically fed
into your financial accounting/payables system, making your
approval process much faster and easier. You accrue fewer
month-end payables that can complicate your financial close
because OCRSERVICEBUREAU has removed delays and streamlined your
entire payment process.

INCREASE INVOICE DATA ACCURACY

No matter how carefully you manage invoice data entry in your
organization, manual processing simply invites human error
creating payment inaccuracies and productivity problems. With
every inaccurate invoice, A/P staff must investigate the errors,
correct them, and possibly reprocess payments. But with 99.5%
data accuracy guaranteed by OCRSERVICEBUREAU, this problem disappears.
Think of how improving your invoice processing saves you time
and money and strengthens your trading partner relationships.

CAPITALIZE ON EARLY PAYMENT DISCOUNTS

Many vendors provide valuable financial incentives for prompt
invoice payment. OCRSERVICEBUREAU’s automated data capture speeds
the flow of accurate invoice data into your financial systems.
With the confidence this gives you, you can process payables
faster without sacrificing control, enabling you to capitalize
on early-pay discount terms.

REDUCE COSTS ASSOCIATED WITH MANUAL DATA ENTRY

Automated data capture eliminates manual data entry, which
can represent up to 75% of your labor cost. Because data entry
is often dispersed across departments, the inefficiencies of
manual entry can go unnoticed. But once automated data capture
replaces manual entry, the invoice processing speed, accuracy
and cost improvements are dramatic.

PAPERLESS PROCESSING

With our optional mailroom/scanning services and image archive
and retrieval solutions, our clients never have to touch a paper
invoice again. Add to this our image based workflow systems
allowing clients to set up departmental queues for both invoice
approvals and GL coding, and you have the most sophisticated
outsourced A/P Invoice solution available.

BOTTOM LINE

OCRSERVICEBUREAU’s Automated A/P Invoice Services offers you
substantial competitive advantages including higher productivity,
lower costs, improved vendor relations, and capitalization
on negotiated payment terms.

 

WHAT SETS OCRSERVICEBUREAU APART?
Our TECHNOLOGY PLATFORM V2

At OCRSERVICEBUREAU our services are supported by the most sophisticated
and advanced data extraction and workflow technologies.
Our proprietary V2 production platform represents best-in-class
technology. Some of V2's unique features and capabilities include:

"FREE FORM" OCR TECHNOLOGIES

At the heart of the V2 technology platform are the most advanced
recognition systems available. We have developed best-in-class
free form OCR, ICR and OMR engines, forms factors and recognition
tools to create a world-class automated recognition system.

CLIENT MANAGED WORKFLOW QUEUES

Our web-hosted A/P Invoice workflow system allows clients
to set up individual and departmental queues for both invoice
approval and GL coding. With automated notifications, full
featured escalation and re-routing capabilities, our clients track
and manage invoices real-time using detailed dashboard views
of workflow queues.

DATA TRANSLATION

V2 can map invoice data to virtually every accounting or ERP
system including: SAP, Oracle, JD Edwards, and more. Not to
mention any and all standard EDI data formats, as well as custom
file formats.

INVENTORY CONTROL

Utilizing a centralized inventory control database, OCRSERVICEBUREAU
tracks every page of every invoice through every step of our
production processes. The sophistication and precision of our
inventory tracking is the reason we can offer SLA guarantees
of 100% inventory control.

QUALITY PROGRAM

The OCRSERVICEBUREAU Quality Program starts with our commitment
to our customers. Understanding our customer’s expectations
and knowing how well we fulfill those expectations drives
everything we do. Like many best in class organizations, we
measure our organization’s success by the number of promoters
we create among our customer base. Customer input also helps
us prioritize our process improvement efforts.
When process problems are identified, we use quality improvement
methodologies such as LEAN and SIX SIGMA to continuously
improve those areas. Whether it’s a cycle time improvement
opportunity where we can apply LEAN concepts to take out waste
and non-value added work, or a defect reduction project that may
benefit from the statistical and analytical rigor of SIX SIGMA, we
use proven tools to improve both the speed and effectiveness with
which we deliver services to customers.

SLA GUARANTEES

Our SLA (Service Level Agreement) Guarantees are customized
to meet the specific needs of each of our clients. In most cases
our SLAs focus on three specific quality measurements: DATA
ACCURACY, TURNAROUND and INVENTORY CONTROL.

DATA ACCURACY

Minimum Data Accuracy Rates of 99.5% or Better
TURNAROUND
Same Day or Next Day Delivery of Invoice Data and Indexed
Image Files

INVENTORY CONTROL

100% of Documents Accounted for and Recorded
SECURITY
We take the safety and security of your data very seriously. We
understand the consequences to our clients, of a security breach.
In 14 years of processing financial documents, we have never had
a security breach. This is because OCRSERVICEBUREAU utilizes the most
advance security protocols available. Highlights include:
• All data and image files are stored and managed from highly
secure Class A data centers.
• Unlike others, we do not transfer data or image files
overseas, to at-home staff, or remote data editing centers.
• Each employee is subject to thorough background screenings
utilizing nationally recognized investigation bureaus. We run
complete background and credit checks on all new hires.
• We conduct monthly security audits in conjunction with
our SAS70 Type II certification.

DEPENDABILITY

Dependability in invoice data lift services means consistently
meeting accuracy and turnaround time commitments and
maintaining high system uptimes. OCRSERVICEBUREAU provides you
the most dependable performance anywhere. But our view of
dependability goes beyond these measures. We also believe that
being highly responsive and quick to resolve customer requests is
paramount. Come experience the dependability of OCRSERVICEBUREAU.

ABOUT OCRSERVICEBUREAU

OCRSERVICEBUREAU is an outsourced solutions provider specializing in
automated data extraction and document management solutions.
We enable our clients to benefit from cutting-edge technologies
without the financial, IT, and personnel resources traditionally
required. Our services create efficiencies that generate savings
in operating budgets. We are paid with a portion of these savings.