With OCR, the Routable platform automatically scans invoices to create payables, making it possible for enterprise and mid-market companies to maximise full-scale, payout automation, processing hundreds of invoices at once.
Routable’s business to business (B2B) payments solution helps finance teams automate and simplify the payables process from invoice receipt to settlement. With support for the existing workflows and the flexibility to scale transactions, the platform is purpose-built to handle mass payouts while reducing time spent on manual tasks.
According to the official press release, automating invoice data entry with OCR has been proven to reduce bill coding time by up to 3 minutes per invoice. For businesses processing 10,000 invoices per month, this can amount to 167 hours per week, saving businesses an equivalent of USD 168,000 per year.
Businesses who currently outsource their invoice processing would also benefit from Routable’s new capabilities by being able to bring an automated process in-house.
Routable’s mass payouts solution was designed to deliver an end-to-end experience for every team, including a two-way sync with Xero, QuickBooks Online, Sage Intacct, and Oracle NetSuite. By adding OCR for invoice automation, customers can create new payables within seconds by extracting invoice data all while keeping their accounting software updated in real-time.
Some of the advantages of automated invoice data entry are:
Create new payables in seconds. Easily create new payables by uploading invoices to the Routable inbox or forwarding invoices to the inbox email.
Automated data extraction. New payables created from invoices in the Routable inbox will be automatically populated with vendor information, core invoice data and invoice metadata.
Increase payout efficiency. Reduce time spent manually coding bills with pre-filled bill details including vendor information, invoice number, payment due date, amounts, and more.
Vendor matching. Extracted vendor information is matched with your pre-authorised vendor list.
Split attachments for mass payouts. Ability to create a payable for each attachment when multiple files are forwarded in a single email.
Adoption of e-invoicing is still in the early stages in the US. However, the largest companies have already started benefiting from this way of communication and it is starting to make its mark as more organisations learn about the immense benefits of electronic invoicing. Not only does digitalising the invoice process lead to saved costs, increased sustainability, and highly efficient business practices, but the organisation will also open the door to higher invoice data accuracy and better cash flow.
The e-invoice Exchange Market Pilot builds and tests a virtual network that should enable businesses to exchange e-invoices with one another through the establishment of a secure, open e-invoice delivery framework between providers. Under the pilot, there will be three waves of Access Point development and delivery, with the intent that each will try to incorporate the learnings of those that came before. The pilot runs through year-end 2022 to establish an operational B2B invoice exchange framework for the US market in 2023.
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