Data Capture And Processing: Accounts Payable Processes Moving Towards Automation
Datacap Inc., the leading provider of flexible capture and forms processing software solutions, recently announced its sponsorship of a recently published Aberdeen report on Accounts Payable (A/P) automation: E-Payables Solution Selection: Your 2007-2008 Guide to A/P Transformation. In the recently released report, Aberdeen Group, the premiere market research firm, with a focus on A/P practices, identified the two key factors that support the move from paper invoice handling to an electronic solution: time and money. However, despite the business benefits of cost- and time-savings, only thirty-three percent of the 500 accounts payable departments polled have automated solutions in place.
Processing invoices manually, according to the study, costs between 74% and 89% more than those that are automated. As they phase out paper systems, organizations are benefiting from lower cost while also reducing the cycle time of posting expenses. The report is designed as a buyer's guide to Best Practices in A/P automation.
For organizations seeking to automate their A/P processes, Aberdeen recommends that company leadership consider organization, process, knowledge, technology and performance measurement. The report outlines the ways in which an organization can best select a solution based on its specific needs and goals.
"Automating paper processing solutions is a long-term trend that has proven to save time and money in all departments across an enterprise," said Datacap CEO Scott Blau. "When evaluating A/P solutions, management must consider applications that can be customized to meet their individual invoice processing requirements. From one organization to the next, practices can be radically different and business rules change, even within the same industry. There is no such thing as an 'off the shelf' solution."
Aberdeen surveyed finance and A/P leaders for the report, which provides a detailed path of analysis as well as an outline for those in the evaluation process. One of the solutions, Datacap Taskmaster for Invoices, was evaluated. Taskmaster for Invoices utilizes a rules-based engine to locate and extract data from invoices, which vary dramatically in layout. Taskmaster for Invoices automates vendor ID, captures all data on bills, including line items, even on multi-page invoices, and has unique features that make adding new invoice layouts fast and easy, with no programming required.
Datacap and Aberdeen will co-host a webinar, featuring Aberdeen Research Director Andrew Bartolini. It will provide an overview of how to evaluate an A/P automation solution. The webinar will take place on November 15, 2007 at 2pm. To register, visit www.datacap.com/webinar/aberdeen7. To request a complimentary copy of the Aberdeen report, visit Datacap's website, www.datacap.com/webinar/aberdeen7, and click on the "Aberdeen" banner.
About Datacap:
Since 1988, Datacap Inc. has provided award-winning document capture and forms processing software solutions to organizations worldwide. Datacap Taskmaster software accurately transforms paper into information, increasing efficiency while reducing costs and document cycle time. A client/server, rules-based capture workflow platform, Taskmaster provides the industry's most adaptable solutions for both document image indexing and forms processing. Taskmaster also enables scanning and indexing from a browser and integrates with all leading document management solutions, databases and ERP systems. Awarded AIIM "Best of Show" for Forms Processing, Rulerunner Service provides the only complete capture solution for SOA. For additional information, visit www.datacap.com.
SOURCE: Datacap, Inc.