While the word exception indicates a rare occurrence, nothing could be further from the truth as most companies struggle to reconcile discrepancies, mismatched or missing POs, invoice errors and more for supply chain efficiency.
OCR-backed invoice capture is being touted as a game-changer in invoice processing, accelerating data collection for faster approval and payment cycles.
However, while automated OCR or optical character recognition has brought about a revolution in the standard invoice management process, it’s not enough on its own to carry out a successful accounts payable operation.
Managing invoice processing can become quite a daunting task especially when a business starts to grow. As a result, it is common for businesses to utilize software such as Concur to help simplify the process and increase visibility. So why do businesses outsource their entire Concur expense management process? While the software helps to centralize the invoicing process, it still requires a good amount of time and effort for staff members to ensure accuracy. Internal resources already swamped with other tasks means the additional effort to balance both quality standards and deadlines can be difficult to maintain. Read More