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Complete year-end compliance work faster with Caseware Caseware is a Canadian-born, global provider of audit, financial reporting and data analytics solutions for accountants and bookkeepers.
According to a Billentis report in 2017, 90% of invoices worldwide are still processed manually. Multiple formats, considerable effort required for integration, high setup and transactions costs and the need to create a visual copy of the invoice for processing or audit, are all cited as potential issues.
The era of automation has brought about a revolution in various industries, and the audit sector is no exception. The integration of Artificial Intelligence (AI), cloud-based data storage solutions, and data analytics tools is set to transform the audit industry, reshaping the way accountants and auditors carry out their tasks.
In 2009, after reaching the 100 client mark, AvidXchange introduced the AvidBill Network, their electronic vendor invoice submission service, to further streamline the invoice process for customers and eliminate dataentry. In 2011, AvidXchange formed a new Energy Information Services (EIS) group, delivered by EnergySolve.
The Pros of Outsourcing Accounts Payable Processes Outsourcing is not merely the shifting manual tasks like dataentry to an outsourced provider. In fact, according to the 2018 Payments Fraud and Control Survey by the Association for Financial Professionals (AFP), 78% of all organizations surveyed were hit by payments fraud in 2017.
💡 We have been in the OCR space since 2017 and have our ears on the ground as far all things related to OCR technology or the OCR industry. Over the years, OCR has been increasingly adopted in many document-processing workflows that previously depended on manual dataentry.
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