Adding invoice data to your ERP system can be rather time-consuming, moreover so if you have a large number of invoices. Instead of doing this manually, what if there was a simple tool that could transform this process, making it more efficient, accurate, and hassle-free? In this post, we introduce you to a game-changing solution that will streamline your ERP invoice processing like never before, helping your business save time, lower costs, and boost productivity. If manual processes are hindering your Accounts Payable department, you need to invest in an automation tool to take care of data entry for you.
They key to streamlined ERP invoice processing is automation
In a world where process efficiency and data accuracy are crucial to success, investing in automation has become necessary. The key to streamlining your ERP invoice processing is to use an automation tool that can extract data from invoices without errors and send it to your ERP system.
One such tool is Docparser, the leading document parsing tool for organizations looking to streamline their workflows.
Meet Docparser
Docparser is a no-code document parsing solution used by businesses to extract data from documents and send it to their systems. Instead of having a person input invoice data manually, you can have Docparser automatically process invoices and send accurate data straight to your ERP system.
What makes Docparser stand out from other parsing tools is that you can customize the rules that determine how data fields should be extracted from invoices. Oftentimes, a data extraction tool will attempt to identify data fields on its own, resulting in some inaccuracies, like including unneeded data or botching table structure. When that happens, you’ll have to fix these inaccuracies, which kind of defeats the purpose of extracting data.
Docparser, on the other hand, lets you create specific data extraction rules so that it can identify and extract data fields without mistakes. You set up these rules on Docparser’s point-and-click interface just once; after that, they apply to all newly uploaded documents.
By ensuring quick and accurate data extraction, Docparser paves the way for streamlining your ERP invoice processing. Your business will greatly benefit from the automation of invoice data entry in many ways, which we are going to cover here.
1. Lower your invoice processing time
Inputting invoice data to an ERP, when done manually, is time-consuming and requires a lot of attention to detail. This leads to mistakes sooner or later, which costs even more time to identify and rectify. So you can see the biggest advantage of using a solution like Docparser: let it extract data for you and save a lot of time.
And since time is money, by spending less time on data entry you will spend less money on it as well. No need for AP employees to waste countless paid hours copying information and double-checking it. Instead, they can use their time to work on higher-value tasks that move the needle for your business: cash flow management, vendor negotiations, etc.
2. Update your ERP with new invoice data
The key to timely and informed decision-making lies in the ability to quickly access accurate information. This goes double for your AP department: they need up-to-date and error-free invoice data to track expenses, budget, negotiate better pricing, generate reports, resolve disputes promptly, and so on.
With Docparser, not only can you download your parsed data as a file (in a format like Excel or CSV), but you can also integrate it with your ERP system. That way, whenever new invoices arrive in your Docparser account, they are automatically processed and the parsed data is sent to your ERP.
3. Improve your compliance
Failing to meet compliance requirements can lead to harsh consequences, from penalties to legal issues and damage to your company’s reputation. So by keeping accurate records, you safeguard your company’s integrity and prevent costs you can do without.
Additionally, having accurate invoice records is important for audits, financial reporting, and demonstrating fiscal responsibility to stakeholders. Audits will proceed much smoother than before, and won’t disrupt your team members from their day-to-day tasks.
4. Streamline your ERP-related workflows
In the absence of reliable automation tools, many issues can hinder your ERP-related workflows, like data entry errors, data silos, manual handoffs, etc. If left unaddressed, these issues slow down invoice processing and cause further problems, from missed discounts to diverting staff from other critical tasks.
Docparser prevents these issues by automating the data entry process. Your invoice data moves from documents to your ERP so that you and your team can swiftly move on to more important tasks.
It’s also worth noting that Docparser is a versatile tool that you can use for pretty much any workflow that involves inputting data found in documents into your systems. In other words, beyond ERP invoice processing, you can use Docparser for other use cases: purchase and sales orders, bank statements, bills of lading, and much more.
5. Scale your business easier
Last but not least, Docparser benefits your business in the long term by facilitating scalability. By automating your ERP invoice processing, you will be able to handle a growing volume of invoices efficiently and without proportionally increasing administrative overhead. This means you will be able to expand your operations, onboard more vendors, and manage increased transaction loads seamlessly, all while maintaining financial accuracy and compliance.
Ultimately, you will find it easier to focus on growth strategies and seize new opportunities, confident that your financial workflows can scale effortlessly with your ambitions.
Try Docparser Today
With Docparser, it becomes much easier to move data from invoices to your ERP. Not only do you save time, prevent errors, and improve compliance, but you also streamline your workflows so that invoice processing will never hinder your business growth.
If this sounds interesting to you, you’ll be glad to know that you can get started with no upfront commitment nor technical knowledge. Just create a Docparser account and follow the instructions provided in our article: Easily Extract Your Invoice to ERP With Docparser.
