Routable, a modern and intuitive business payments platform with a focus on mass payouts, today further expanded its capabilities adding Optical Character Recognition (OCR) for automated invoice data entry. With OCR, the Routable platform automatically scans invoices to create payables, making it possible for enterprise and mid-market companies to maximize full-scale, payout automation, seamlessly processing hundreds of invoices at once.
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 $168,000 per year.
Businesses who currently outsource their invoice processing would also benefit from Routable’s new capabilities by being able to bring a simple, efficient and automated process in-house.
Omri Mor, Co-Founder and CEO of Routable, said: “Today, we’re seeing AP solutions play a critical role for businesses who are experiencing unprecedented growth, particularly with automated invoice processing. Improving productivity is critical to a business’ bottom line and teams who aren’t taking advantage of automation, are wasting valuable time by scanning through invoices and inputting information manually.
“Routable’s OCR solution provides businesses with huge cost efficiencies by reducing the amount of manual data entry needed to process invoices and will allow finance teams to focus on strategic financial planning and month-end close activities versus transcribing data.
“This will give businesses an enhanced, comprehensive solution to automate invoice data entry with the speed, flexibility, and ease of use they’ve come to expect. The addition of this feature combined with Routable’s AP automation capabilities for mass payouts, empowers finance and operations teams to intuitively scale their business payments regardless of their industry.”
Invoice data entry made easy:
- Create new payables in seconds. Easily create new payables by simply uploading invoices to your Routable inbox, or forwarding invoices to your 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-authorized vendor list.
- Split attachments for mass payouts. Ability to create a payable for each attachment when multiple files are forwarded in a single email.
Routable’s mass payouts solution was designed to deliver the ultimate end-to-end experience for every team, including an industry leading 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 efficiently extracting invoice data all while keeping their accounting software updated in real-time.
For more information please visit www.routable.com.
Routable’s secure B2B payments solution helps finance teams automate and simplify the payables process from invoice receipt to settlement. With support for your existing workflows and the flexibility to scale transactions from 100 to 100,000+, the platform was purpose-built to handle mass payouts while reducing time spent on manual tasks.
Routable estimate of business savings using new OCR capabilities
|
Invoices processed per month |
FTE hours per week saving |
Equivalent salary cost per year |
|
10,000 |
167 hours |
$168,000 |
|
5,000 |
83 hours |
$84,000 |
|
1,000 |
17 hours |
$16,800 |
Time saving is based on an average of 3 minutes per invoice with automation (source: based on Routable data) and a standard 8 hour working day. Salary saving dollar estimate used is $28 per hour, based on a median average accountant salary estimation (source: Salary.com).
Media Contact
Claudia Taylor
Clarity for Routable
916-217-5223
