Invoice Scanning Software
& Invoice Data Capture
Get exactly the data you need with maximum accuracy through our comprehensive OCR and data validation system.
Corcentric’s Accounts Payable automation solutions incorporate invoice scanning software for document conversion and data capture, we process your invoices through one of our Invoice Virtualization Centers. After each invoice is scanned or received electronically, a combination
of Optical Character Recognition (OCR) and data validation technologies is deployed to capture the invoice data required, including line item detail if necessary. Fields captured are configurable for each client depending on their integration needs.
Most clients choose to capture the following fields at a minimum:
Invoice header fields are extracted including:
- Invoice Number
- Invoice Date
- Total Amount
- PO number
- Vendor Name
- Attention Name
- Tax
- Freight
Line item fields are extracted including:
- PO Number
- Item Code
- Item Description
- Quantity
- Unit Cost
- Unit of Measure
- Item Amount
OCR Accuracy and Data Validation
Many invoice processing software solutions provide clients with OCR tools to extract data from invoices and perform their own validations. This may sound like a great option, but anyone who has reviewed OCR invoice scanning software knows that
OCR has various accuracy levels depending on the type of invoice, fields extracted, and image quality. These factors are unpredictable, so it is difficult for clients not familiar with OCR to accurately estimate how many personnel hours will be
needed to perform the OCR and validation process on an ongoing basis. Clients typically want to see a high OCR accuracy rate when they are evaluating a potential solution, but that can be a difficult number to predict without actually processing
live invoices through the OCR invoice processing software for a period of time.
The Corcentric approach eliminates these OCR concerns because the OCR and validation are offered together as a comprehensive invoice data capture service, eliminating the need for clients to do
their own OCR and validations. The result is that our clients don’t need to worry about the OCR accuracy rate because it is the Invoice Virtualization Center’s personnel who will be impacted if OCR rates are low – not the clients. The Invoice Virtualization
Center will perform as much data validation as is necessary, at no additional cost. This gives Corcentric clients the benefit of accurate invoice data capture, without the headache of having to do any of the OCR or verification themselves.
Invoice Data Verification
During invoice capture, any fields that are not found to be identified 100% accurately during OCR capture are sent to a quality assurance person in the Invoice Virtualization Center to validate the captured invoice data. This process takes the
burden from the client for having to validate data capture via OCR. This combination of OCR capture and quality control validation ensures the highest line item capture accuracy rates provided by the Invoice Virtualization Center.