Whether receiving invoices paper or electronically, our comprehensive accounts payable invoice capture solution reduces manual entry and user error.
Capture & Match
Receive electronic and printed invoices, scan them, OCR the text, and store them. From the OCR and XML data, we match them against internal databases to determine which are valid, which are duplicates, which have pay discounts, which have already been paid, etc.
Document Preparation
CTP performs all physical document preparation required to process documents received at our facilities. Cost-efficient preparation services include opening mail, making documents scanner-ready and sorting documents by type.
Scanning
Our staff scans documents in batches to maximize through-put of the scanner technology, and we deploy electronic processes wherever possible to minimize your cost. We assign all documents a unique document control number (DCN) used for tracking throughout the process. Our sophisticated scanning capabilities assure that both sides of paper are captured and that pages are not missed in the scanning process. We automatically delete blank pages and barcode separators to ensure cost control for our clients.
Data Capture/Optical Character Recognition (OCR)
We use a two pass process for data capture, combined with a separate verification step which dramatically reduces the ‘false positives’ that an OCR – only approach provides. Data capture uses a combination of OCR technology and keying correction that integrates validation files, such as the vendor master file and PO files, to improve the validation process during the capture process.
Accounts Payable Match
Reduce the costs of AP processing by up to 40%.
The incoming mail is picked up at a dedicated post office box, opened, sorted, scanned and proceed through a series of quality control measures. The invoices are then transmitted electronically where our team keys in the invoice header data and performs the 3-way match to the PO and receipt records. Invoices that match perfectly are fed into the accounting system and paid without any human intervention. Invoices that have exceptions are flagged, and depending upon the nature of the exception, routed for resolution.
Approvals
For those documents which have exceptions, require approval routing or G/L coding, an AP Workflow application is available. This software is provided to customers on a per transaction cost basis, so there are no capital investment required. Workflow route according to a predetermined business rules. Approvals on workflow items can be done with the AP workflow application via any cloud based device including mobile devices.