Invoice Automation
Invoice Automation
Powered by our patent-pending pattern recognition technology, XTrak, our invoice automation solution processes over 840,000 invoices annually. Our solution facilitates the audit and analysis of billions of dollars in current due for our customers.
XTrak is far superior to scanning-based solutions and is the only solution guaranteed to provide a 100% accurate representation of what is contained on paper bills. Scanning approaches rely on optical character recognition (OCR) technologies, which routinely require hands-on intervention to correct misrepresented characters on complex invoices. The XTrak technology mines the original electronic formats which produced the paper to create files for loading into cost management solutions.
By eliminating the tedious, costly and error-prone task of manual invoice data entry you will now be able to:
- Increase Productivity - by redirecting the focus of your human resources back to their core competencies
- Reduce Costs - by increasing the number of disputes filed and resolved and by reducing late-payment charges
- Improve Reporting & SOX Compliance - by improving detail and timeliness of reports
Our invoice automation process consists of four primary steps which can be used with any invoice format:
Capture of the invoice ensures:
- Receipt of the most accurate and reliable invoice
- Understanding the evolving vendor processes
- Management and tracking of the invoices
- Addressing billing exceptions
In the Transform step we create an electronic invoice file (XIF, CABs) utilizing our patent pending XTrak technology. XTrak uses a reliable pattern-based parsing method instead of a position-based parsing method which gives our technology the considerable advantage of others who use optical character recognition (OCR) methods.
Assurance includes:
- Validating the receipt of all expected invoices
- Following up on any invoices that were not received
- Validating unexpected invoices
- Working with vendors to receive corrected invoices in the event that an invoice doesn’t balance or is structurally invalid
Archive & Query of your invoices can reduce your storage costs and time to access critical information. Additionally this step provides:
- Access to the original invoice data via a web portal
- Maintaining an accessible copy of the vendor provided invoice
- Increased insight into your electronic data
- Access to necessary documentation and/or data to support any dispute filings
