A system designed to routinely convey bill knowledge right into a goal utility, akin to an accounting or Enterprise Useful resource Planning (ERP) system, defines the method into account. For instance, an accounts payable division would possibly make the most of this technique to course of lots of of vendor invoices acquired in numerous codecs (PDF, e mail attachments, and so on.) every day, remodeling the information right into a standardized, usable format inside their accounting software program.
The significance of automated bill processing lies in its means to considerably scale back handbook knowledge entry, reduce errors, and speed up the general bill processing cycle. Historically, bill info can be manually entered into techniques, a time-consuming and error-prone course of. Automation presents improved accuracy, sooner fee cycles, and higher visibility into monetary knowledge. Its adoption has advanced alongside developments in Optical Character Recognition (OCR) know-how and knowledge extraction methods, resulting in extra subtle and environment friendly options.
