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.
For CEOs or CFOs looking to improve performance while driving down costs, implementing an effective accounts payable outsourcing solution has become a top priority as AP processing represents an essential part of any organization’s everyday operations.
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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.
Whenever we talk of upgrading internal finance and accounting processes, outsourcing is considered to be low-hanging fruit for reducing costs.
However, as outsourcing companies upgrade their services, the entire scope of business process outsourcing has expanded to incorporate business process improvement and business process automation as a part of a complete solution for operational excellence.