October 15, 2023
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6 minutes
With recent innovations in AI, accounting scanning software is becoming an essential invoice processing solution for AP departments and companies overall.
While previous iterations were still useful, they often came with errors. Weeding out mistakes outweighed the benefits of adopting a solution – but now things are different.
Accounting scanning software in 2023 can significantly speed up your accounting processes while ensuring data integrity and security for subsequent uses.
Here’s how you can leverage accounting scanning software and what to look for in a solution:
Things to Look for in AP Scanning Software
When choosing AP scanning software, prioritize features that will greatly improve the efficiency of your AP processes. It needs to facilitate your accounts payable automation and reduce human error.
Here are the key aspects to look for:
- AI and ML Capabilities: In 2023, the best AP scanning solutions use AI and ML to improve invoice scanning accuracy. Their purpose is to reduce human intervention, making this feature a must-have in any solution.
- High-quality Data Extraction: Look for software that can efficiently recognise and capture essential information. It needs to capture invoice numbers, dates, amounts, vendor details, and line items.
- Automation and Workflow Management: Reputable AP scanning solutions can do more than just digitising documents. They also allow you to automate processes such as data validation, invoice and purchase order matching, exception handling and approvals.
- Integration with Accounting Systems: Essential for smooth data synchronisation, eliminating the need for duplicate entries and ensuring data accuracy across platforms.
- Security and Compliance: Depending on your business type and location, GDPR or HIPAA compliance may be necessary. Therefore, it’s crucial to use a solution that meets these standards.
- User-Friendly Interface: Crucial for adoption and efficient invoice management workflows. A software solution that is easy to navigate and understand minimises the learning curve and increases productivity.
- Customer Support and Training: Adequate training and support ensures your team can fully utilise the software's capabilities. Reliable customer support can address any technical issues that may arise.
- Scalability: The AP scanning solution you choose should be able to accommodate the growth of your business and handle an increasing volume of AP transactions.
- Cost and ROI: While the solution's performance is important, you also want to assess the total cost of ownership. Compare it to the potential savings and benefits the software can bring to your AP process.
Best AP Scanning Solutions on the Market
While there are many AP scanning solutions available, the following are some that stand out in the marketplace:
Affinda Accounts Payable AI
Affinda's strength lies in its cutting-edge AI that underpins all of its document processing, making it capable of seamlessly handling various AP documents, including invoices, receipts, and credit notes.
Some of Affinda’s defining features include:
- Quick onboarding with a simple learning curve.
- Versatile document processing across several file and document types.
- Enterprise-grade data security and compliance.
- Batch processing through APIs, emails and manual uploads.
- AI-powered automatic data validation and exception flagging.
- Over 50 input languages and diverse extraction fields.
However, if there is one thing that comes up in different forms of feedback - it's Affinda's unmatched customer support. Quite often, support is outsourced or understaffed. Affinda's team is there to work with their clients and set them up for success. Accounts Payable teams need to be sure that they can rely on the solution they are using for their document processing.
You can try Affinda Accounts Payable AI for yourself and experience the power of our industry-leading AI in action.
Yooz
Yooz is an easy-to-use AI-powered solution designed to streamline invoice processing and significantly reduce processing costs.
Some of its key features include:
- An intuitive, customisable interface with easy onboarding.
- Mobile application access for processing on the go.
- Secure cloud storage and audit trails.
- Purchase-to-pay automation workflows.
- Over 250 financial and accounting integrations.
- PO and invoice matching.
ElevateAP
ElevateAP is an AP scanning solution optimised for the Workday environment. Its focus is on hands-off document processing.
Key features from ElevateAP include:
- High levels of automation to reduce manual intervention.
- A simple easy-to-navigate user interface.
- Custom AP solutions for complex workflows and tasks.
- Advanced reporting and analytics dashboard for decision-making.
- Matching for both PO and non-PO invoices.
What is Accounting Scanning Software Used For?
Accounting scanning software plays a crucial role in modernising and streamlining business accounting processes. It’s a versatile solution that can process a wide range of accounting documents. This includes invoices, receipts, purchase orders and more.
Here are some ways you can use the software:
1. Document Digitisation and Data Extraction
The primary role of accounting scanning software is to facilitate document digitisation.
Using optical character recognition and advanced AI capabilities, these solutions can recognise and understand the documents you upload. Moreover, they can convert them to machine-readable files.
Most reputable accounting scanning solutions will allow you to choose which document fields you’d like to extract. This includes invoice numbers, vendor names, dates, and more. This allows you to store only the data that you need.
This feature reduces your need for physical storage space. At the same time, it makes searching and processing your AP documents easier.
Additionally, the accuracy and speed of automated data extraction are leagues beyond what you can achieve through manual processing. This results in significant efficiency improvements while freeing your staff for more valuable tasks.
2. Automated Data Entry
Since accounting scanning software can understand and process financial documents better than humans, they also excel at data entry.
Just a few clicks can now accomplish what previously required constant flipping between screens and tabs. Document digitisation and data extraction are now quick and easy tasks.
These solutions can be used with different accounting software like ERPs, Spend Management Platforms, and more. This allows you to automate invoice processing and the vast majority of tasks that used to be AP department's tasks.
3. Audit Trails and Better Financial Management
Through digitisation, accounting scanning software can help you better organise and categorise your financial documents.
Your scanning software automatically organises and tags documents based on predefined inputs. This makes it easy to build a searchable database of financial documents. Such enhanced organisation supports the swift retrieval of financial information which is particularly valuable during audits, inquiries, or when addressing queries from stakeholders.
In audits, top accounting scanning solutions will log every change to a particular document. This ensures data integrity and helps you comply with your industry’s regulatory requirements.
In addition, this audit trail enables you to cross-reference internal financial records against your ERPs and other systems. Additionally, it ensures that the data you use for financial decision-making is accurate.
Who Uses AP Scanning Software?
Accounts payable scanning software is a versatile tool that finds utility across various roles and departments within your organisation.
Naturally, your accounts payable department and accounting staff get the most use out of these scanning solutions. They’ll be using them for day-to-day tasks, such as:
- document digitisation
- data entry
- document validation
Some AP scanning software includes additional features that your AP department can use. They can help automate invoice approvals, make and schedule payments and improve the quality of your financial data.
Your procurement team can also benefit from an AP scanning solution that automates purchase order processing and invoice matching. Not only does this support faster payment cycles, but it also gives your procurement staff more time. They can manage the company supply chain and build relationships with vendors during that time instead.
If your scanning solution allows, vendors and suppliers themselves can even submit electronic invoices directly to your solution.
This feature reduces the need for additional steps. It eliminates manual tasks, such as scanning a physical document or re-uploading received invoices into your digital scanning software.
Compliance officers can also make use of the centralised document database created by your AP scanning solution. With accurate data extractions and a secure digital audit trail, compliance officers can confidently review and verify financial records. Browsable records make it easier to ensure your company abides by its internal controls and external regulations.
Additionally, AP scanning software helps create clean and structured data that's essential in the downstream accounts payable process. Finance managers, controllers, business owners and other company managers interpret and analyse the financial data resulting from your document scans.
Without timely, accurate data, these stakeholders base their decisions on metrics that don’t reflect the true position of your company.
Reliable acounts payable scanning software can make work easier to different teams across your organisation. That’s why it’s essential to pick a solution that really works and fits into your business process seamlessly. Streamline your AP processes and reduce manual labour today with a free trial of Affinda Accounts Payable AI.
