We are incredibly excited to announce the release of the latest version of Advanced Bill Management (now AI-Enabled OCR and Invoice Scanning, a feature of SquareWorks Automate AP Automation Suite), which now includes Optical Character Recognition (OCR) combined with Artificial Intelligence (AI) to help organizations using NetSuite to automate the data entry process when receiving and processing vendor invoices.
What is OCR and can this help organizations that are looking to reduce the time they spend capturing invoice data?
Optical Character Recognition, also known as “OCR” is a technology that’s been around for quite some time. The technology consists of an algorithm that will scan a document to extract text information. However, the text alone isn’t enough for a computer to understand what’s on the page. While it’s simple for a person to look at a document and know where the invoice number is, it’s a very challenging task for a computer. Traditionally, OCR is combined with templates to tell a computer how and where to extract various fields from a document. Since nearly every invoice is laid out differently, defining templates is a time consuming and never ending battle. Fortunately, advances in AI have solved this problem using Machine Learning, enabling highly accurate data extraction without any templates or human intervention!
Advanced Bill Management will automatically scan and understand your invoice documents using OCR and AI in real-time. Vendor Bills will be automatically populated (including line items) in order to reduce or eliminate the time that AP staff will spend capturing these details.
How does Advanced Bill Management work?
When using Advanced Bill Management, users will be able to simply drag-and-drop or email invoices directly into NetSuite, and Advanced Bill Management will scan all the information on the invoice. This happens in real-time. No need to wait minutes or days for your invoices to be scanned.
The Vendor Bill will be created in NetSuite with fields auto-populated and auto-matched with existing data such as vendor, purchase order and line items. NetSuite users simply save the Bill and route it for approval. No changes to your existing Vendor Bill forms or workflows are required.
If you leverage our included approval engine (optional), you can easily route Vendor Bills for approval via email with a copy of the invoice attached. Email approvals do not require a NetSuite license. Our Advanced and Enterprise editions of Advanced Bill Management also come with support for PO and Receipt approvals.
A powerful 3-way match process can be enabled (included with Advanced and Enterprise Editions) in order to bring the most controls to the receiving and invoicing process:
Finally, a full audit trail is available for managers, executives or auditors to inquire about the approval process of every Vendor Bill, Receipt or Purchase Order:
How much does Advanced Bill Management cost?
In addition to adding many of these exciting features, we have re-architected our pricing structure to make sure every organization can find an edition that is a good fit for their size and volume of transactions.
- Basic Edition starts at $1,499/Yr. and is a great fit for small companies with small volume of transactions. This edition can be implemented in a matter of hours.
- Standard Edition starts at $3,499/Yr. and it’s a great fit for companies with low to medium volume and vendor bill approval needs.
- Advanced Edition starts at $5,999/Yr. and it’s designed for maximum functionality, including the controls provided by SquareWorks’ 3-Way Match feature.
- Enterprise Edition starts at $9,999/Yr. and it’s for large enterprises that process several dozen thousands of invoices per year.
We look forward to bringing this solution to as many NetSuite users as possible. If you need more information, please visit https://squareworks.com/netsuite-add-ons/advanced-bill-management-bundle-for-netsuite/ or contact us at firstname.lastname@example.org