Automated Invoice Processing
Trapeze for Invoice Processing
Processing invoices, when handled manually, is an expensive and time consuming function for any organization. With an invoice processing system from SoftWorks AI, organizations can process invoices automatically, reducing accounts payable (AP) costs while improving both the accuracy and the speed of data extraction.
Being able to process paper-based invoices quickly and accurately is an important element for the success of any organization. As invoice processing costs escalate, organizations implementing an automated invoice processing system can realize financial benefits faster and yield a real, tangible ROI. SoftWorks AI’s Trapeze for Invoice Processing contains an intelligent recognition server capable of automatically interpreting the relevant information and fields within a image-based invoice, in real-time.
Realize a Measurable ROI with Automation
Introducing a tool to automatically extract information can improve the accuracy and speed of invoice processing, while reducing the overhead costs of accounts payable. Traditionally, processing invoices has been a manual, paper intensive task. Invoices are received in the mail, forwarded to the accounts payable department, and entered manually into the AP system. This procedure is expensive, time consuming, and error-prone.
With SoftWorks AI’s Trapeze for Invoice Processing, the entire process can be streamlined. Invoices can be handled programmatically by extracting relevant information from the invoices. A process that was previously handled by several employees can now be completed more effectively in a fraction of the time. By reducing the amount of time taken to manually enter information, organizations can realize a measurable ROI in a short period of time by the reduction of manual processing costs, early payment discounts, and improved vendor relationships.
"Trapeze has made DCT Industrial Supply more efficient. We previously had an accounts payable clerk manually enter each invoice through our system. Today, we get a large majority of our invoices processed without any manual intervention. As a result, our clerk has been able to help us with other needs. DCT gets a minimum of 80% of our invoices through without any manual intervention."
Jodi Doyle, CFO
Reduce Manual Entry Costs
After implementing an automated invoice processing system, it will take a fraction of the time and amount of employees to process the same amount of invoices.
Improve Invoice Processing Accuracy
Inputting inaccurate data from an invoice can be very costly; these inaccuracies can result in overpayments and employee hours spent resolving issues with vendors. By automating the accounts payable process, human keying errors can be eliminated.
Accelerate Invoice Turnaround and Benefit from Early Payment Discounts, Improved Vendor Relationships
Many vendors offer discounts for paying invoices early. With an automated system in place, invoices can be processed and paid more quickly. With Trapeze for automated accounts payable, organizations can start taking advantage of early pay discounts. By paying invoices faster, organizations can improve relationships with vendors, creating leverage to negotiate better prices or terms.
Configure Business Rules Unique to Your Organization
Validate extracted field data from the invoice according to your specific business rules.
Customizable XML and Database Export
Allows for a customizable system using XML-based scripting. Automatically encodes extracted invoice information for export to database.
Create a Measurable ROI
By automating invoice processing, organizations can save money by reducing the amount of time employees spend manually entering data, attain early payment discounts, and accurately pay invoices in a timely fashion.
|CPU||Intel Pentium Processor or compatible 2.0 GHz and higher|
|Cores||4 cores (At least 8 cores is recommended)|
|RAM||1GB RAM per core (At least 2GB per core is recommended)|
|OS||Windows 10 / 8.1 / 8 / 7 / 2012 / 2008|
Powerful but yet Simple to Use
Trapeze for Invoice Processing allows organizations to process invoices and AP documents, regardless of their source, format or location. By using SoftWorks AI’s self-learning technology organizations are able to eliminate time consuming invoice templation. Organizations can also streamline invoice matching and validation to reduce manual steps and errors. Other benefits include reducing costly manual data entry by more than 80%. Using SoftWorks AI’s QuickStart program users can start processing files from day one and begin to achieve an ROI in less than 6 months.
Highly Accurate OCR for Touchless Automation
Realize the most accurate data extraction by using SoftWorks AI’s highly accurate, multi-engine OCR. SoftWorks AI’s unparalleled data extraction knowledge base allows organizations to leverage more than 50,000 vendor invoices to reduce manual correction from day one. Prep time can be reduced by using advanced auto splitting technology to split invoices and other accounts payable documents accurately. Trapeze enables organizations to dynamically increase data extraction accuracy through our auto-templation and advanced machine learning technology.
Easy Integration into the Accounting Process
Trapeze offers organizations the ability to integrate into their existing workflow. Data extracted from invoices can be integrated through desired specifications. Once the data is extracted, it can be outputted into industry standard formats including XML or CSV.
Trapeze for Invoice Processing will automatically detect invoices with missing or incorrect data in critical fields; these invoices are flagged and sent to Trapeze’s exception handling bucket, while the rest of the invoices are processed.
Advanced Machine Learning
Leverage advanced machine learning to continuously improve recognition rates. SoftWorks AI’s expert learning system gets smarter over time yielding more extraction and automation. As more invoices are processed, and corrections are made, SoftWorks AI’s system uses a feedback loop to learn and understand invoices.
Calculating the Value of an Automated AP System
According to industry studies, the cost of manually handling an invoice from start to finish is estimated to be $30-$50 per invoice. By automating pieces of the process, the cost per invoice can be reduced by more than 30%. Consider the following example to help understand the value in real terms: Organization A processes 15,000 invoices a year at an average cost of $30/invoice. Using conservative figures, Trapeze can reduce the cost of each invoice processed by $5. Therefore, if 15,000 invoices are processed in a year, organizations can save $75,000 in the first year. These figures can be scaled up or down based on volume.
Trapeze Enterprise: An Industrial Strength Solution
Trapeze Enterprise edition is specifically designed for large organizations needing an industrial strength solution. Users can process a high volume of invoices and AP-related documents per day. They are also able to monitor the status of invoices in real-time. With Trapeze Enterprise, organizations can keep track of every document activity using the Trapeze administrator dashboard audit trail feature. Other features include adding additional document types to further automate your organization’s AP department. Trapeze Enterprise allows setting up business rules for each document type, configuring complex document processing workflows with ease, including automated classification and routing. Trapeze integrates seamlessly with your organization’s AP system.