How Magic Scan is transforming invoice processing?
Automation of accounts payable is not just limited to automating and scheduling payments. Effective AP automation factors in the entire process of accounts payable, from start to finish, and finds ways to streamline every step along the way.
One of the key areas of automation efforts has been the use of OCR technology in invoice processing and management.
Given how manually intensive it can be for even a small business to process their invoices, not to mention larger enterprises and corporations, it is no surprise that advancement in automated invoice processing has been a primary focus to improve AP automation software altogether.
The introduction of OCR invoice processing has been a welcome innovation that has completely transformed how businesses tackle their invoices and has gone a long way in minimizing the manual burden on financial teams.
What is Optical Character Recognition technology?
Before understanding how OCR technology can benefit your business, it is important to know what OCR actually is and how it works.
Optical Character Recognition—also known as OCR—is a technological innovation that captures and extracts data from physical documentation, as well as read-only digital documentation, and then converts it into data that can be processed. This can include a scan of paper invoices, as well as scanning PDFs and digital images.
Once this data is extracted, it can be exported into any required format, become searchable by your machine, become readable by your automation software, and also become readable by any analytics or data processing algorithms that you wish to use for strategic decision-making. The process involves a few steps but the end result is efficient management.
Simplifying invoice processing with OCR
Manual invoice management is not a process with a few, uncomplicated steps. It requires financial teams to collect invoices from different vendors, sort them based on different data sets (due date of payment, which department the vendor is dealing with, which employee is accountable for the payment as well as delivery of goods and services), initiating payment, and then safely storing and archiving the invoice along with all the other paperwork linked to a specific transaction.
At multiple stages of this process, there needs to be repeated cross-checking to confirm that data has been handled correctly—that there is no duplicate invoice, that data has been digitized accurately (usually through manual spreadsheets and drives), that payment has not been initiated twice, and that there is a proof of invoice payment being completed.
A lot of these tasks can be automated with the help of OCR technology, which not only extracts the data but can also auto-fill it into pre-decided templates or storage formats. Moreover, given that the data is readable by the machine, it can also be cross-referenced and double-checked for accuracy and detection of duplication.
For more details on how automation can simplify invoice management, explore the benefits of automated invoice processing.
How does OCR invoice processing work?
As mentioned earlier, OCR invoice processing goes over quite a few steps to effectively and accurately automate and take over the multiple manual processes associated with invoice management.
Uploading invoice digital copy
The first step in OCR invoice processing is digitizing the invoice.
Sometimes invoices are already in a digital format (such as a PDF or an image file), but sometimes they need to be scanned and converted from physical paperwork.
This can be done utilizing digital cameras and scanners. Converting all invoices to a digital format primes them for data extraction.
Image enhancements
Before data extraction can occur, the system needs to be able to accurately read and recognize the text data from the digital invoice.
Most OCR-powered automation tools will have in-built image enhancers that reduce noise, adjust the contrast, and correct distortions or blurs.
However, if you’re manually scanning the invoice, these adjustments and corrections can be done manually before the uploading process.
Text recognition
Text recognition is the most critical aspect of OCR invoice processing. The technology recognizes text (letters, numbers, symbols) and converts it into a format that the machine can store and read.
At this stage, the technology is also cross-referencing what it’s reading with an extensive database of fonts, along with multiple languages (if multi-lingual support is available), in order to accurately detect all types of text.
Extracting data
Once the system has recognized all text elements, it begins extracting data that is relevant to invoice processing.
This extracted data includes the due date of the invoice, the date on which the invoice was issued, individual line items and their specific amounts, the total amount due, any discount information or item descriptions, as well as vendor information (if the template or system has requested it).
Validating data for accuracy
Data validation is one of the most important steps in automated OCR invoice processing. It checks that the data has been read correctly and accurately extracted from the invoice.
Usually, OCR-powered solutions have built-in data validation tools, but they can also be customized to include specific requirements that the AP or finance department might request for their reporting and accounting needs.
Exception handling
OCR invoice processing, while powerful, is not infallible. Sometimes certain text is not recognized, either due to a lack of clarity in the scanned image, a specific type of font, or handwritten notes.
It can even be due to the presence of letters in a language that might not be in that database, symbols, or special characters. Such discrepancies are flagged as exceptions and can require manual review and correction.
Exporting data
Once the data has been verified and all corrections have been made, the data is exported. If the OCR-powered tool is integrated with an ERP system, then the data is synced with the ERP software for further processing.
If it’s part of an AP automation solution, then the data is formatted according to the software’s customized rules and can be passed to the payment initiation stage directly.
Archiving data
Data extraction also means secure data storage. Aside from needing to link the invoice data to other payment paperwork, it is important that the data be archived properly so it can be retrieved in the future—either for reconciliation purposes or for data analytics.
It is an important stage of preserving financial records and also acts as the database to recognize duplicate invoices.
Unlock the power of OCR automation today
Revolutionizing invoice processing: The power of OCR technology
The enhanced efficiency and accuracy of OCR technology have completely changed how accounts payable automation functions.
This innovation has made it possible to significantly reduce manual data extraction and processing, which goes a long way in clearing up bottlenecks, hours spent on repetitive tasks, as well as resources spent on physical data storage.
1. Increased efficiency and time saving
One of the key benefits of OCR technology is the amount of time that is saved by finance and AP teams. Given that the data is recognized, extracted, and stored automatically, all the time spent on manual labor is freed up for other tasks.
It not only makes for a more efficient invoice management process but also allows time to be spent judiciously on critical stages of invoice processing instead of being spread thin across multiple processes.
2. Reduced manual data handling
Aside from the time saved, there are other benefits to reducing the manual labor required by physical invoice processing. For one, it removes the need for spreadsheets and drives, which means that data can be stored in a more accessible format.
Moreover, it reduces the chances of human error that can occur during data extraction. It also ensures that manual efforts are productively focused on tasks like exception handling and error correction, where a human eye is most needed.
3. Streamlined processing for better ROI
The ROI (return on investment) for automation is directly linked to the amount of time and money it saves for financial teams. Streamlined processing ensures that your teams get the best output since resources can be more fruitfully spent on growth-focused initiatives.
Moreover, it improves the ROI on the goods and services purchased from vendors, since the amount of time invested into processing the payment is significantly reduced in comparison to the goods/services received in exchange.
4. Improved data accuracy
By minimizing manual processing, the risks of human errors are significantly reduced with OCR-powered invoice processing. OCR invoicing removes the error-prone redundancy of manual data extraction and storage.
The in-built database, which works as a system of checks and balances, is also a lot more expansive and broadens the verification capabilities within the software. This creates a dataset that is extremely accurate and can be processed efficiently without any disruptions.
5. Enhanced data visibility for decision-making
Data extraction through OCR technology is not just for the ease of invoice automation. Once data is exported, it is readily available for the machine to read, which means it can also be fed into custom reporting templates and analytics algorithms.
It can be processed and retrieved for complete visibility, which improves the pool of information available for strategic and informed decision-making. It can also be plugged into data processing tools.
6. Seamless integration with existing workflow
Integrating efficiently with the existing tech stack and workflows is necessary to implement an OCR-powered tool without creating more roadblocks and disrupting efficiency.
Aside from integrating with ERP software to pass the extracted data, even within the AP automation software, OCR technology stores and passes extracted data through payment initiations, payment approvals, and reconciliation processes in a streamlined manner. The data also lends itself to existing analytical workflows for improved forecasting.
This smooth integration can be further enhanced by utilizing an automated invoice approval workflow, allowing businesses to automate approvals within their existing systems without disrupting the current processes.
7. Automated matching with purchase order
Another benefit to implementing an OCR-based invoicing solution is that the data verification process can be customized to not only check the accuracy of data extracted from the invoice—it can also be implemented to match invoice data with existing purchase orders.
Taking it one step further, it can also match receipts to invoices to confirm that the entire payment process has been completed without errors, adding another layer of safety.
Role of OCR technology in streamlining accounts payable
OCR-powered solutions are a part of both ERP software as well as AP automation software. In the case of managing accounts payable, it automates the invoice management process, which streamlines the payment processing, as well as the consolidated documenting of every transaction.
Ensures a systematic digital filing system
With the help of OCR invoice processing, your finance team can systematically organize all its data and keep track of all payment records.
The data extraction process classifies key data based on field recognition, and the AP automation software categorizes and tags invoice-associated payments based on vendors and payment triggers. This creates a cohesive digital filing system for efficient document storage and enables future retrieval for analytics or accounting purposes.
Facilitates invoice automation
OCR technology facilitates invoice automation, which eliminates time-consuming manual tasks and the need to rely on traditional tracking methods like spreadsheets.
From the moment an invoice is scanned, till the stage where the data is exported, human intervention is intentionally introduced during critical moments of verification and exception handling. This means that automation allows teams to focus on value-added tasks, and reduces the burden of repetitive manual data entry that is prone to human error.
Quickens invoices processing
The automation of data capture reduces the need for manual data entry and duplicate work.
Invoice OCR technology quickens the entire invoice processing cycle, automatically routing all extracted data to the correct storage spaces as well as the appropriate approval channels. It lightens the burden of administrative work on finance teams, clearing up the time-intensive, repetitive workload.
Boosts accounting efficiency
Bookkeeping and accounting require meticulous record-keeping and record retrieval. With OCR, data is extracted and exported in an accessible format, which makes it easy to automatically attach to specific transactions or invoices.
Additionally, the ability to customize templates and reporting formats could further ensure that all accounting is being done in a way that’s compliant with company policy, as well as legal regulations governing an organization’s operational jurisdiction.
Improves vendor relationships
Vendor relationships are crucial to continue receiving a high-quality delivery of goods and services in a timely manner so that business operations can continue as planned. In order for that to happen, vendor invoices need to be paid on time.
Streamlined and efficient invoice processing helps businesses process payments before they’re late, not only saving money on late fees but also fostering a vendor relationship that could allow improved contract and term negotiations.
Increases business scaling capacity
The moment a business is able to automate the bulk processing of data, it opens itself to the capabilities of handling larger volumes of transactions and invoices.
The ability of OCR-powered solutions to handle such vast amounts of data with speed and accuracy means that businesses are able to scale their operations without running the risk of bottlenecks or an overwhelming workload. It also aids teams to focus on strategic growth that will benefit the scaling process.
Facilitates remote accessibility to work on the go
The benefit of technology-powered solutions is their versatile accessibility through multiple devices, platforms, and locations. Remote accessibility makes it possible for teams to efficiently process invoices and other payment-related documents from anywhere, regardless of whether they’re a remote worker or if they’re traveling for business-related tasks.
It also allows for data extraction and verification on the move, streamlining the process of vendor payments and payment approvals without creating unnecessary delays or discontinuation of vital business operations.
Transform your invoice processing with Volopay
Was your investment in OCR worthwhile: Essential KPIs to evaluate
Effective implementation of automation software doesn’t end with onboarding. It is necessary for decision-makers and teams to consistently evaluate the performance of the software, the effect it has on the team’s performance and task-completion abilities, and whether the investment in the automation was worthwhile.
Here are the KPIs to evaluate the efficacy of OCR technology.
1. Touchless invoice rate
● Definition
A key metric in calculating the efficiency of automation, the touchless invoice rate calculates the percentage of invoices that are processed without the need for any human intervention. The percentage is calculated over a fixed period of time.
● Formula
Touchless Invoice Rate = ( Number of Invoices Processed Touchless / Total Invoices Processed ) x 100%
A touchless processed invoice is defined as an invoice that is automatically captured, automatically matched to purchase orders (or sent straight to approval), and then automatically sent to ERP after approval for payment.
● Example
In most organizations, a certain level of human intervention is expected—either to update information or to correct discrepancies. A touchless invoice is defined as one that does not have human intervention from the AP department.
For instance, if a company processes 250 invoices touchless out of a 300 total invoices in a month, then the rate is:
Touchless Invoice Rate = ( 250 / 300 ) x 100 = 83.34%
2. OCR accuracy rate
● Definition
OCR accuracy rate calculates how accurately OCR technology has recognized and extracted text from the document or image. It measures this by comparing the extracted data to the original document. OCR accuracy rate can either be calculated based on Character Error Rate (CER) or Word Error Rate (WER).
● Formula
Character Error Rate (CER) = ( (Insertions + Substitutions + Deletions) / Total Number of Characters in Truth Document ) x 100%
Where Insertions is the number of incorrectly added characters, Substitutions is the number of incorrectly recognized characters that caused a word or character to be replaced by another, and Deletions is the number of unrecognized characters that are missing from the output. The total characters include spaces.
Word Error Rate (WER) = ( Number of Incorrect Words / Total Words in Truth Document ) x 100%
The OCR accuracy is, therefore, the percentage minus the error rates.
● Example
Calculating using CER: If a document has 1000 characters, of which 35 characters were incorrectly added, 30 were substituted due to incorrect recognition, and 35 were not recognized and missing altogether, then the CER is: ( (35 + 30 + 35) / 1000 ) x 100 = 10%
Therefore, the OCR Accuracy Rate = 100% – CER = 100 – 10 = 90%
Calculating using WER
If a document has 1000 words and 50 words require manual intervention to correct, then the WER is: ( 50 / 1000 ) x 100 = 5%
Therefore, the OCR Accuracy Rate = 100% – WER = 100 – 5 = 95%
3. Paid-on-time rate
● Definition
The invoice paid-on-time rate is a percentage that measures how many invoices were paid either before or on time (as per the payment due date listed on the issued invoice) against the total number of invoices paid by the accounts payable department.
● Formula
The formula to calculate the paid-on-time rate is to calculate the ratio of timely payments to total payments as a percentage.
Paid-On-Time Rate = ( Number of Invoices Paid Early or On Time / Total Invoices Paid by AP Department) x 100%
● Example
Suppose a company’s accounts payable department has paid a total of 500 invoices over a period of 1 month. Of those 500 invoices, 100 were processed early and all payments were completed before the listed due date on the invoice. Additionally, 250 invoices were paid on the listed due date and considered timely payments.
The paid-on-time rate for that month is: ( ( 100 + 250 ) / 500 ) x 100 = 70%
4. Invoice processing time
● Definition
Invoice processing time is the average time taken for a single invoice to be settled. The time is calculated from the moment an invoice is received until the invoice is paid or settled. The time spent on processing a single invoice is an important metric in understanding invoice management efficiency.
● Formula
Average Invoice Processing Time = Total Time Taken / Total Number of Invoices
This average processing time differs from payment cycle time, which calculates based on the actual payment date and includes delays. It is also different from the approval cycle, which focuses solely on approval time.
● Example
If a business processes 200 invoices in a single month, and the total time taken to process all those invoices is 800 hours, then:
Average Invoice Processing Time = 800 / 200 = 4 hours per invoice
5. Cost per invoice
● Definition
The cost per invoice is an average cost estimated after calculating all the costs that go into processing a single invoice. These costs include labor costs (which include time spent on data entry, manual invoice matching, and verification), supply costs (for any physical paperwork required), postage (if applicable), payment costs, and infrastructure costs (cost of software).
● Formula
Cost Per Invoice = ( Labor Costs + Supply Costs + Postage Costs + Payment Costs + Infrastructure Costs ) / Total Invoices Paid
● Example
Suppose a company processes 300 invoices in a month. In that month, the following are the different costs in the AP invoice processing team
Labor
Infrastructure
Supply
Payment
Cost Per Invoice = ( 3525 + 1450 + 84 + 265 ) / 300 = $17.75 per invoice
See how Magic Scan can simplify your invoice workflow
Introducing Magic Scan by Volopay
Keeping in mind the game-changing potential of this technological innovation, Volopay has developed Magic Scan—a sophisticated, AI-powered OCR solution that is tailored specifically to meet the demands of modern accounts payable management. The Volopay Magic Scan automates not just invoice management, but also receipt management.
Volopay’s Magic Scan can be used from any device, which means that invoices can be uploaded and scanned through the dashboard. At the same time, the mobile app makes it possible for invoices, as well as receipts of payment confirmation, to be scanned and attached to transactions so that all compliance-required paperwork is stored efficiently for reconciliation.
All of these tasks can be performed on the go, empowering remote teams and traveling teams to be able to manage vendor payments without compromising on the delivery of goods and services essential to business operations.
Importance of Volopay’s Magic Scan in an AP software
Combined with Volopay’s accounts payable solution, the OCR-powered Magic Scan can aid in bulk invoice processing, speed up payment initiation, and streamline reconciliation tasks, such as data archiving. The enhanced accuracy boosts the efficiency of how accounts payable are managed within your organization.
1. Seamless bulk submission
Bulk payment scheduling and processing is only possible when all associated invoices and purchase orders have been duly processed.
By harnessing the power of Magic Scan, finance teams can quickly and accurately process large volumes of invoices (either from the same vendor or multiple vendors), approving them for payment initiation.
The scanning technology is also, then, capable of extracting large amounts of text and data for data processing, storage, and archival.
2. Multi-language support & multi-currency support
Magic Scan’s in-built databases over a wide range of languages from different regions across the globe.
This enables businesses to not only leverage OCR through offices in different countries but to also seamlessly process invoices sent by vendors in other countries.
The multi-currency support ensures that line items and total amounts are accurately parsed and extracted, therefore empowering companies to conduct business efficiently at a global scale.
3. Streamlined invoice process
Volopay’s accounts payable automation software successfully implements OCR technology to streamline the invoice process.
The use of Magic Scan to extract invoice data makes 2-way and 3-way matching an easier process and also pushes all invoices to the payment stage much quicker.
This allows finance teams to breeze through the entire invoicing process, saving time on the repetitive tasks associated with manual invoice data extraction. It also improves the verification process by focusing it on key stages.
4. Enhanced verification & accuracy
The Magic Scan process leaves room for enhanced verification and accuracy. The workflow allows teams to verify all data as soon as a scan is complete, and perform corrections if required.
Additionally, the approval workflows create additional stages of checks and balances, so that approvals only go through once data has been verified for accuracy.
The combination of automated verification and manual verification keeps all extracted data accurate and up to date.
5. Digitized invoice archiving
Secure data storage is just as important as accurate data recognition and extraction.
Not only does the data need to be archived in an easily accessible manner, but the format of the data needs to be such that it can be retrieved for further processing and analytics without requiring duplicate extraction.
Digitized invoice archiving is made possible with Volopay’s Magic Scan, which streamlines reconciliation and compliance-bound reporting requirements.
6. Multi-format invoice support
Invoices don’t necessarily follow the same format. Magic Scan has a multi-format invoice support that takes care of this.
Regardless of what format the invoice is in, the OCR technology is able to conduct text recognition and easily extract the necessary data from it.
This allows teams to be able to bulk process invoices from different vendors regardless of the format they’re in, without hindering the efficiency of the process.
7. Customizable field recognition
Volopay’s Magic Scan recognizes text, extracts data, and feeds it directly into specific invoice fields when processing an invoice.
These fields are completely customizable depending on an organization’s unique policy and legal requirements.
Once the customizations are set up, the key detail recognition during the data extraction stage matches the custom changes and feeds the data into the relevant fields automatically, creating a seamless invoice management process.
8. Adaptive learning capability
Since Magic Scan is AI-powered, it is a tool that is constantly evolving. Through its adaptive learning capabilities, it takes constant feedback and uses it to improve its own technology.
These learnings and improvements go a long way in expanding its database, increasing recognition and extraction accuracy over time, and leading to fewer instances of exception handling and human intervention.
The goal of Magic Scan is to completely reduce the need for manual correction.
Automate invoice management effortlessly with Volopay
Effortless steps to harness Volopay’s Magic Scan
Volopay’s Magic Scan is an extremely easy-to-use tool. Located within the all-in-platform dashboard, with its user-friendly interface, the Magic Scan tool can be effortlessly accessed and implemented by your accounts payable team.
Kickstart by uploading your invoice
The Magic Scan tool is accessible both by the web dashboard as well as the mobile app, which makes it easy to get started with uploading an invoice.
Digital invoices can be directly uploaded, or the phone camera can be used to take a picture of the paper invoice for the text recognition to do its work.
Watch Magic Scan work its wonders
Magic Scan then recognizes the text in the invoice and begins the extract data.
The data extraction collects all the key information present in the invoice, both for recording purposes but also to be able to initiate the correct payment through the accounts payable dashboard on Volopay.
The multi-lingual, multi-currency support ensures that invoices from international vendors can also be easily recognized.
Verify accuracy with a quick review
Once the data has been extracted and automatically entered into all fields, a manual verification can be performed by the user.
This allows the user to double-check all line items and amounts, as well as vendor information and dates. If there is any need for correction, it can be done at this stage for a second layer of security and accountability.
Send it on its way for approval
Once the invoice has been uploaded, extracted, and verified, it can be sent for approval.
Volopay’s multi-level approval workflows ensure that all levels of approvals can be performed efficiently so that the payment can be initiated and the vendor receives timely payment before they dispatch goods and services.
Additionally, once the transaction is complete, Magic Scan can also be used to scan and upload receipts confirming the payment status.
Outperforming the rest: A comparative look at Volopay’s Magic Scan
Volopay’s Magic Scan is not just efficient but is also implemented in ways that give it a competitive edge compared to the OCR-powered solutions offered by other AP automation software
Comparative look at Volopay’s Magic Scan
- Advanced AI data extraction
- Multi-language support
- Automated expense tagging with AI
- Customizable OCR templates
- Smart categorization of expenses
- Personalized dashboard
- Intelligent fraud detection
Real-world impact: A success story from Volopay
The most common use case for Magic Scan among clients is a combination of needing automated invoice capture, automated receipt capture, and automated document capture for reimbursement. Regardless of the category, it is evident that most organizations are looking for ways to cut down on time spent on manual data entry.
How our client transformed AP with Volopay magic scan
Because Volopay takes care of accounts payable from end-to-end, Magic Scan speeds up the process of extracting data from invoices, as well as the receipts after the payment is processed.
Additionally, in the event that employees pay vendors out of pocket, then Magic Scan assists the employees in making their reimbursement claims and acts as the guiding document when payroll payments are settled.
Before vs. after: measurable benefits for our client
The most evident benefit of using Magic Scan has been the amount of time saved in redundant data entry. With the combination of extraction and automatic field recognition, the time spent manually creating invoices to initiate payments has drastically reduced.
Combined with accounting automation, there is little need for manual data entry in either software or systems.
There are also reduced physical storage charges for invoices since Magic Scan can recognize text from digital read-only documents as well and there is no need for finance teams to either print a copy or pay subscription costs for cloud storage of individual invoice documentation.
Most importantly, the freeing of time has created a boost of productivity and team members can devote more time to tackling genuine discrepancies and exceptional cases, as well as other AP-related tasks that are their primary responsibility.
An employee who was previously spending 10-15 hours a month on data entry alone, is now able to spend only a few hours a month on invoice processing, just to run occasional manual intervention.
How our client outperformed competitors
The ability to manipulate and analyze data has given clients a competitive advantage—free time combined with detailed analytics and automated invoicing has created an environment where finance teams can focus on scalability and strategy, pouring their energy into business development and improvement instead of menial tasks.
An additional advantage of automating invoices has been the assurance that almost all of them get paid early or, at least, on the due date. As a result, vendor relationships have flourished and clients have been able to take advantage of early payment discounts and negotiated favorable contracts with their vendors.
The combination of these new payment terms and no late payment fees (as well as money saved on labor costs for invoice processing) has positively impacted the cash flow.
Optimize your invoice workflow with Magic Scan
Empower every phase of your business with Volopay’s Magic Scan
1. Startups: Unlocking efficiency
● Automated data capture
Automate data capture with Volopay so that your business can extract and process data efficiently and quickly. It frees up your team’s time so that they can focus on productive, strategic tasks that they’re hired to do instead of spending the majority of their time in manual data entry and sorting.
● Cost control
Inefficient invoice processing can cause late payments, erroneous payments, duplicate payments, and even irreversible payments to the wrong vendors. All of these are costly mistakes that can drain your company funds and also harm vendor relationships and business operations. Magic Scan prevents these pitfalls by creating visibility and accountability.
● Simplified record keeping
Clear and concise record-keeping is a task that your business should prioritize right from the start of its journey. It creates a comprehensive, audit-friendly paper trail for all your company’s transactions. With the power of automated invoice capture, the process of record-keeping and retrieval is much simpler and manageable.
2. Small-sized businesses: Empowering growth
● Time-saving automation
The time and resources saved with accounts payable automation software unclog certain bottlenecks within your finance team’s processes. These time-saving invoice automation tools allow for larger volumes of data to be processed in bulk, which can be done without putting a burden of excessive time investment on your growing business.
● Improved accuracy
Magic Scan is AI-powered with an in-built database as well as adaptive learning capabilities. This not only means that it is accurate in its extraction and verification process, but is also constantly learning and implementing improvements within its algorithm for more efficient data recognition and extraction over time.
● Integration with existing workflows
As a small business, you likely already have certain processing and approval workflows and a tech stack in place. Magic Scan works cohesively with these by allowing the extracted data to be synced with HR systems, ERP software, as well as accounting software through native integrations for seamless data transfer.
3. Medium-to-large sized businesses: driving excellence
● Comprehensive data analysis
Data extraction through Magic Scan converts text data into a format that allows analytical and data processing algorithms to parse it, process it, and present it. This creates an informational database for comprehensive data analysis and inference, which businesses can use to drive strategy, growth, and innovative decision-making.
● Extensive customization & scaling capacity
With advanced automation comes the ability to not only scale your business but to also recognize specific requirements unique to your business strategy and goals. Volopay’s Magic Scan not only helps scale the amount of data you can digitize and store, but Volopay also helps customize the automation workflows to your organization’s specific needs.
● Regulatory compliance & audit readiness
Compliance and audit readiness are important for businesses at any stage, but especially so for large businesses that support high volumes of payments, large networks of vendors and clients, and hundreds and thousands of employees. Using Magic Scan to automate paperwork helps create audit-ready records for accurate and efficient bookkeeping and accounting.
Volopay: Custom solutions tailored to your needs
Reliable and useful AP software does more than offer solutions. It also involves an acute understanding of an organization’s unique requirements and a provider that can help customize the software’s functionality to the specific needs of the organization’s goals. This helps achieve scalability much more effectively.
Some of the customizable solutions that Volopay offers include
Two-way syncing
Volopay offers accounting automation and integrations that create a two-way syncing bridge between the accounts payable software and your team’s accounting software of choice.
This sync helps data to be passed accurately between both platforms, and the update of data goes both ways, ensuring accurate and up-to-date records on both platforms.
These two-way syncs are highly beneficial in reducing manual accounting labor and ensuring more accurate bookkeeping.
Geofencing
A lot of organizations have operations that are dependent on specific locations, particularly the location of employees at a given time.
If your organization requires workflows that are enabled with geofencing triggers, Volopay can help understand these needs and work with you to customize scalable automation that addresses these requirements.
These customizations can improve your accounts payable processes by tailoring processes adhering to your business goals.
Consolidated dashboards
Volopay boasts an all-in-one platform with an easy-to-use interface, which makes onboarding and usage by teams a quick learning process.
However, the information contained on the dashboards—payment tracking, account information, spend analytics, departments, and projects—can be tailored to your organization’s specific needs.
The flexibility to have a consolidated dashboard with complete data visibility helps your organization make informed strategy decisions.
Customizable expense report
How your organization reports expenses and processes these reports is dependent on your company’s unique reporting policies.
These policies are framed based on regulatory requirements, specific budgeting processes, as well as forecasting processes.
In order to reduce manual intervention, Volopay offers customizable expense reporting capabilities so that your teams are able to report expenses in a manner that complies with company policy without needing to manually add specific fields and data.
Customizable multi-level workflows
Conducive workflows are the foundation of successful automation implementation.
In order to achieve maximum efficiency, receive productive output, and create reliable systems, workflows need to operate at multiple levels—these include workflows for synchronization, accounting, reporting, approvals, and payments.
Highly customizable in nature, if your organization could benefit from further levels of customization, Volopay can help your business create workflows that cater to your business needs and your team’s specific processes.
Customizable analytics dashboard
The ultimate goal of a functioning tech stack is to smoothen business operations so that teams and decision-makers can put all their energy into growth strategy and business development.
The only way to make effective decisions is by analyzing existing, reliable data and creating accurate forecasts.
Volopay offers highly customizable analytics dashboards, which efficiently process and analyze data according to your team’s specific data requirements, so you can make the right decisions for your organization’s growth.
Netsuite custom field integrations
If your organization’s choice of ERP software is Netsuite, then Volopay integrates seamlessly with it to transfer ledger records and extracted data.
This includes custom fields you might’ve created in Netsuite.
An integration works most effectively when it requires little to no human intervention, so Volopay can help customize your Netsuite integration to accurately map data to your custom fields for maximum operational efficiency.
Customizable reimbursement report
Like expense reports, reimbursement reports also have certain compliance requirements.
They need to follow the company’s spend policies, which outline clear employee expense usage, and they need to follow regulatory requirements for accurate payroll processing and reporting.
Volopay offers customizable reimbursement reports for your organization’s unique needs, ensuring that your workflows are optimized for quick approval and timely reimbursement.
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