Simple Software Accounts Payable OCR automates the process of entering vendor invoice data into accounting and ERP systems.
Simple Software captures data from vendor invoices using OCR (Optical Character Recognition) and integrates captured data with your accounting software, significantly reducing the time & effort required for manual data entry, reducing errors & improving data accuracy, and increasing efficiency in invoicing processes.
Here’s how our Simple Software Accounts Payable OCR works:
- Scan: Invoices are scanned, digitized, and sent to Simple Software for processing.
- Capture: Simple Software processes the invoice and captures data.
- Classify: Simple Software analyzes invoice data to recognize and organize characters.
- Extract: Once the characters are recognized, Simple Software extracts relevant data, such as the vendor name, invoice number, date, and total amount.
- Verify: After the data is extracted, Simple Software validates accuracy by cross-checking against existing system data, like purchase orders and invoices.
- Integrate: The extracted data is then integrated into your preferred accounting system, ERP, RPA, ECM, etc.
Simple Software has three categories of automated accounts payable OCR depending on the type and volume of invoices being processed, the available technical resources of your company, and the data entry requirements of your accounting software.
The first category provides affordable invoice automation for small businesses that quickly capture basic invoice data (like endor, invoice number, date and total) using simple pattern matching. Our SimpleIndex invoice processing software gives you the easiest and most affordable solution available.
The second category uses artificial intelligence and machine learning to extract data from a wide variety of invoice documents with minimal setup and training. These systems can handle most common AP invoices out-of-the-box, though their “black box” design can make them less suitable when more detailed data, such as specific surcharges and taxes, is required to be captured.
The ABBYY Vantage platform offers this type of invoice automation solution; Cloud OCR APIs like Google Vision and Amazon Textract also use the ML strategy for invoices; while SimpleIndex Cloud OCR provides an out-of-the-box invoice automation solution using Textract that requires no custom coding.
The third category combines pre-trained machine learning models with highly customizable data capture software platforms that let you design solutions that fully automate the most complex invoice data entry processes. These applications have the ability to add and train custom invoice fields, capture complex line item data, and use scripts to automatically correct and normalize data to match your ERP system’s requirements. ABBYY FlexiCapture, IRIS Xtract, and Grooper are examples of this third software category.