Scan-and-capture is faultily presumed to be digitized as it eliminates a couple of processes of invoice handling such as filing or physical storage and the associated time and costs. However, it still involves using of ‘paper invoice’, whereas automation or complete digitalization demands elimination of paper in AP end-to-end.
Scan and capture might be a step ahead of paper-based invoice processing but it fails to offer complete benefits of automation, making it a half-hearted approach towards digitalization. It might be your interim solution to move away from tedious paper invoicing, but it is no-where close to the needs and requirements of a truly digital AP enterprise. Scan-and-capture has many inherent flaws along with associated expenses. Moreover, it is just as manual and labor intensive.
A truly electronic invoice is one which assures easy-retrieval, cuts down manual handling and provides greater visibility to top financial executives. Wondering, how do you get close to 80% eInvoicing within a year? Through a friendly and free-to-suppliers eInvoicing portal!
Few statistics from the whitepaper:
- 50% of invoices received today by companies are in the form of paper which is shipped via post or courier (Source: Think Tank, IFO)
- 33% of companies surveyed say that they spend $3 to $6 to process a single invoice. (Source: IOFM)
- 31% reduction in invoice processing costs is experienced by companies that use e-Invoices. (Source: Hackett Group’s 2015 poll)