Routable says the new capability can save up to three minutes per invoice. For businesses processing 10,000 invoices per month, this can add up to 167 hours per week, saving an equivalent of $168,000 per year.
Beyond the new OCR capabilities, Routable's software also now allows people to:
- Create new payables by uploading invoices to a Routable inbox, or forward invoices to an inbox email;
- Automatically populate new payables from invoices in the Routable inbox with vendor information, core invoice data and invoice metadata;
- Pre-fill billing details with items like the vendor information, invoice number, payment due date, amounts and more;
- Match extracted vendor information with pre-authorized vendor lists; and,
- Create a payable for each attachment when multiple files are forwarded in a single email.
"Today, we're seeing AP solutions play a critical role for businesses who are experiencing unprecedented growth, particularly with automated invoice processing," said Omri Mor, co-founder and CEO of Routable, in a statement. "Improving productivity is critical to a business' bottom line and teams who aren't taking advantage of automation are wasting valuable time by scanning through invoices and inputting information manually."
Routable's solution offers two-way synchronization with Xero, QuickBooks Online, Sage Intacct and Oracle NetSuite.
