November 11 , 2015

Improving the speed of AP processing

Greenwood Village, CO--Digitech Systems has announced that MSI Mold Builders has implemented the PaperVision Forms Magic technology (FM technology) to fully automate their Accounts Payable (AP) processes. The product’s unique artificial intelligence engine has reduced invoice processing times by more than 75 per cent and is saving the organization hundreds of thousands of dollars annually.

The Institute of Finance &Management indicates that between 70 and 80 per cent of invoices are paper-based and as much as 70 per cent of invoice processing costs are related to document handling and manual data entry. This reliance on paper leads to slow processes, lower overall accuracy rates, and higher costs. Most of these organizations have considered switching to digital processes with AP automation, but have been scared away by complex technologies or prohibitively expensive custom solutions.

Digitech Systems recently announced the launch of the FM technology, which leverages an artificial intelligence engine to provide accurate document recognition and classification along with data extraction.When combined with PaperVision Capture, the company’s scanning and indexing application, the FM technology makes it easy to import information to a document management platform. Rather than sorting invoices prior to scanning, the FM technology allows a company to simply scan all documents together and the system sorts and organizes the information into categories or document types and extracts the critical business data to populate fields in virtually any other line-of-business application, including a wide variety of accounting packages such as Microsoft Dynamics GP, SAP, and Oracle.

With the holiday season quickly approaching, a recent survey entitled What Canadians Really Want, commissioned by the Canadian Prepaid Providers Organization (CPPO), reveals that more Canadians are wishing for the gift of choice and flexibility.