Manual vs. AI Invoice Processing: How Many Invoices Can You Handle Per Day?

I recently surveyed several LinkedIn Groups on the topic of how many invoices are processed manually per day per person. Thank you to all who took the time to respond especially the people in the Accounts Payable Managers Group, who had the largest number of people responding. Based on the responses of 241 people, I can give you this report.

Invoices Processed Manually Per Day:

Invoices/Day? ? ? ? ? ? ? ? ? ? ? Percentage

1-29? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 20

30-49? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 16

50-74? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 16

75 +? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?48

Are you surprised by these numbers of invoices processed per day? I was surprised by the number that said they processed over 75 per day. I should have maybe added one more option such as 75 to 89 and 90+. With that said, I still think we have something to talk about.

Let's see how many per minute are processed. Let's assume that they worked 7 hours per day. That 420 minutes.?

Number of Minutes to Manually Process an Invoice

Minutes/Invoice? ? ? ? ? ? ? ? ? ? ? ? Percentage

15? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 20

8.6? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?16

5.7? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?16

5? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 48

How Does Manual Invoice Processing Compare to Automation Software?

I thought it would be interesting to compare how AI OCR Invoice Capture/Automation software would compare. Most invoice automation software manufacturers say that their software can process 288-360 invoices per day. This includes the AP clerk's time to initiate the process and to QA the capture results. In the tests I have done with Hemingway Invoice Capture software, it can easily capture 360 or more invoices per day, including QA time.

We have observed the Hemingway Invoice processing software taking only about 15 seconds to process an invoice, And we are seeing about 90% accuracy. So, the QA portion for the AP Clerk to modify the incorrect capture data will not take long, surely less than a minute.

Is AI Invoice Capture Cost Effective?

We can see that AI capture is faster but can we say that it is less expensive than manual invoice processing? Let's find out.

AI-based invoice automation costs between $1 and $3, depending on the vendor you pick. According to several studies, manual invoice processing can cost between $10 and $15 per invoice. We estimate that the Hemingway AI Invoice Capture solution including the subscription for Laserfiche ECM will cost you about $1 per invoice for an organization that handles about 2,000 invoices per month.?

So if you process 2,000 invoices per month, you have a possible savings of $18,000 to $24,000 per month.?

You can find more information on this topic here:

Hemingway Solutions - Accounts Payable Automation Software

21 Reasons To Implement AI OCR Invoice Capture (hemingwaysolutions.net)

What Are The Key Features To Look For In An Invoice Capture Software | LinkedIn

"Innovate or Stagnate: Why Accounts Payable Managers Should Embrace AI OCR Invoice Capture Technology" | LinkedIn

How AI OCR Data Capture Can Greatly Reduce Data Entry | LinkedIn]

AI Is Changing Data Capture | Your Laserfiche Solutions Partner (hemingwaysolutions.net)