Challenges – Verification of Documentation
Within any business process that is regulated such as tax recovery, revenue audits, or FSA administration, there is a critical component within the process: verification of supporting documentation against a system of record or supplied information.
For instance, tax recovery and financial audits both require evaluation of a business entity’s purchasing documentation against their own accounting general ledger to verify that data within the system of record is supported by the individual paper or scanned invoices and purchase orders. The verification process is extremely time-consuming and expensive due to the need for higher-skilled staff. For FSA administration, user-supplied data on medical expenses must be corroborated by supporting documents such as receipts or explanation of benefits. Verifying documentation takes time away from higher value-add services, but automation can reduce these efforts by 80% or more.