Product Announcement: FlexiCapture for Invoices
EDI and XML invoices are always nice, but some vendors can’t provide them, and some buyers can’t process them. As a result, piles of paper and PDFs flow through most Accounts Payable departments. And according to the Association for Information and Image Management, even when invoices do arrive in electronic format, 20% of organizations still print them before processing!
AP has a strict scope of responsibility with immediate revenue implications. This means it tends to be among the most heavily scrutinized departments in any organization. Major AP performance criteria might include invoice processing time/cost, payment cycle time, invoice visibility, and cash forecasting accuracy. As cost and compliance pressures mount, there is no greater priority for AP managers than to expedite invoice processing while simultaneously maximizing accuracy.
That’s exactly why many AP and other departments have already implemented ABBYY FlexiCapture.
But now, we are excited to join ABBYY in announcing FlexiCapture for Invoices: a turnkey solution for start-to-finish invoice processing automation.
Starting with the same, solid OCR technology that powers FlexiCapture, the Invoices edition adds several key features to make life in AP a bit easier. Among other functionalities, FlexiCapture for Invoices is pre-configured to:
- Capture headers, footers, and line items (including essentials like vendor and order details)
- Run database validations for buyers, suppliers, and other key info
- Automatically recognize common American and European invoice formats
- “Learn” unusual invoice formats on the fly
- Serve as a single point of entry for all sources of electronic input
- Permit easy OCR fax integration
Thanks to ABBYY’s ongoing innovation, we are proud and excited to offer the most complete and accurate AP capture package on the market. Not only does this make OCR technology even more accessible and relevant to AP, but it also presents an ideal starting point for organizations contemplating a larger-scale OCR project. What’s more, it comes at a price point that makes sense even for small, lower-volume businesses.