Veem Invoice Capture Takes Human Error (and Effort) Out of Paying Vendors
December 4, 2020
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Digital invoicing is the gold standard for doing business these days. Getting an invoice in the mail is a rare occurrence—most likely, your partners send them via email as PDFs. And while this speeds up the accounts receivable (AR) process, it still presents challenges. Every invoice is different and still requires manual entry to put it into accounting software. As we all know, data entry is time consuming and prone to human error. It’s why Veem is introducing Invoice Capture using Optical Character Recognition (OCR) technology.
OCR simplifies the process of getting vendors paid. It’s intelligent software capable of scanning digital invoices, recognizing data fields and extracting them to payment and accounting software. All that’s left for business owners and bookkeepers is to verify the information and click “pay.”
Veem’s Invoice Capture tool is more than invoice scanning: it’s an intelligent business tool.
How does OCR technology work?
OCR technology is designed to capture data from invoices, then identify and sort that data into the proper fields within Veem—no matter what the invoice looks like. Here’s how it works, in a nutshell:
- Vendors email their PDF invoices like normal before importing them into Veem
- Veem scans the attachment with OCR technology, to capture and recognize data
- OCR maps invoice data to a payment request and leaves it “pending”
- Users review the data for accuracy and press “pay”
- Vendors get paid on time, in full
There’s no time-consuming manual data entry involved, which means invoices can go from PDF to payment in seconds. Accountants, bookkeepers and controllers simply check the invoice total from the vendor PDF against the payment request—if they’re the same, it’s good to go. And, if there is a mistake for any reason, it’s easy to edit the payment request to ensure it reflects the right amount.
The benefits of better invoice management
Veem’s Invoice Capture simplifies invoice management in many ways by completely eliminating the need for manual data entry. The benefits quickly become clear to any business that’s faced trouble with invoices in the past.
- Fewer mistakes. Invoice processing through manual data entry is open to human error. All it takes is a misplaced decimal point or confusion between a 3 and an 8 to create an incorrect invoice. From declined payments to chargebacks, any mistake is one that prevents your vendors from getting paid on time.
- Quicker processing. Manual data entry is a slow and cumbersome process by nature; typing too fast is an invitation for error. Invoice Capture is instant, and time saved through this automation adds up. If it takes you two minutes to enter an invoice and you enter 15 invoices per week, that’s 30 minutes saved each week—as much as 26 hours per year!
- Better vendor rapport. Everyone likes getting paid on time, in full, without error. Vendor relationships are a critical part of business operations, and staying on good terms with your suppliers and partners is a recipe for success. On-time, accurate payments are the first step toward an expanded relationship—from vendor credit to better rates.
- Business automation. AP automation is a simple, yet highly beneficial form of business automation. Invoice Capture takes one more menial, labor-intensive task off your plate so you can focus your efforts and energy elsewhere. When you’re stuck manually entering invoices, you’ll find ways to improve your business and its processes in other ways.
Of course, every business also benefits from accurate, clean bookkeeping! Veem’s Invoice Capture improves bookkeeping by getting rid of extra transactions to remedy mistakes and ensures fewer cancelled transactions. You’ll find your books easier to navigate and understand, which leads to better business transparency.
Pay vendors with Veem Invoice Capture
“Always pay your vendors” is the first thing you learn on the first day of business school. Without them, your business can’t source the products and services it needs to operate. It goes beyond just paying them: you need to pay them on time and in full. Invoice mistakes prevent this from happening and enough of them can put you on the wrong side of your vendors.
Veem Invoice Capture helps businesses check all the boxes when it comes to paying vendors. No manual data entry means fewer mistakes, which leads to error-free invoicing and seamless payments. This type of business automation is beneficial to both vendors and your business. Spend less time on accounting reconciliation and more time on other important operations.
Veem it and it’s paid, thanks to Invoice Capture.