Processing documents and other information is the backbone of every organization. It sets the pace for the entire supply chain starting from manufacturing and going beyond customer service. Businesses need to process hundreds and even thousands of sales orders, purchase orders, order confirmations, delivery notes, invoices, credit notes, and other vital business data every day.
Manually processing such a massive volume of data costs a lot of resources and time. Moreover, manual re-keying of data can lead to costly errors and disrupt the entire business operation.Digitizing Documents for Easier Data Extraction with PDF2XML
Digitization of business documents is the first and most crucial step towards the digital transformation of a business. Many feel that sending sales orders, purchase orders, order confirmations, delivery notes, invoices, and credit notes as PDF files over e-mail is a simpler way to start their journey towards digitizing their business, but that myth can disrupt business processing much more. These days, companies have understood the power of using digital invoice processing. That’s why PDF2XML is imperative if you receive a PDF invoice. It’s no surprise to incoming invoices when the invoice amount is gradually rising. Companies are using EDI solutions like invoice automation software, invoice processing software, etc. to streamline their accounts payable process.PDF2XML Conversion
Switching to XML from PDF might sound like a cumbersome IT project, but that is merely a myth. Firstly, with the availability of specialized PDF2XML services, your business can begin its fruitful journey to digitization right away. Moreover, the benefits of PDF2XML conversion outweigh the cost by a considerable margin. Below are some of the many benefits of opting for PDF2XML conversion:- Saves time: According to a report by Aberdeen, automation will take the invoice delivery time down from 20.8 to 3.8 days. With PDF2XML integration, you will receive invoices in electronic format. This makes it simpler for your business to conduct automatic data capture and facilitate touchless handling. Because of no human intervention, you can quickly bring the payment information to your ERP systems.
- A healthy relationship with vendors and suppliers: Every company should maintain healthy relationships with distributors, manufacturers, contractors, and other entities with whom they are doing business. Faster delivery of invoices ensures that they are compensated faster and this improves your relationship with your trading partners. Hubbroker’s PDF2XML conversion tool for invoices will help you to improve your customer service. Now, you can set up a vendor portal that helps your vendors find out and verify the status of their invoices.
- Improved cash management: Earlier, paper or e-mail-based invoices took longer to become available. A large invoice, which is not realized until immediately before payment by a treasury agency, could result in a substantial cash deficit compared to the estimate. HubBroker embraces the clients with efficient PDF2XML solution tools like invoice automation software, invoice processing software that help you to manage all PDF2XML. Now, PDF files become digital files. The software solution also imports these files automatically to the ERP system.
- Flexibility: Having the PDF2XML transformation capability gives you the flexibility to exchange information in any format and from any source. You can opt to receive information electronically through EDI or simply receive documents as PDF files that can be converted to XML. XML documents can also be transmitted through various gateways and VAN networks such as PEPPOL.
- Accuracy: PDF2XML transformation involves an additional step that is called as Data Validation. This check improves the data’s accuracy and saves time and resources by reducing costly errors.
- Value-add: PDF2XML transformation involves an additional step that is called as Value-added. Capture data from PDF can be added with extra information from a lookup table or even be replace based on rules from the lookup table.
- Speed: The transformation eliminates the need for manual re-keying of data and enables real-time import of data into the ERP system, saving valuable time.
- Security: The preset format of received documents and the subsequent conversion in the iPaaS ensures that no invalid information or suspicious file is transferred to the business system.
- Costing: The Digital Transformation of how your business processes and exchanges data streamlines day-to-day operations. It allows for reducing errors, eliminating the need for manual input, and automating redundant tasks, thus allowing your staff to focus on activities that bring more profitability to the business. Moreover, having real-time access to data channeled into one resource management system aids in making strategic business decisions in real time.
