What Is Invoice Processing?
Invoice processing deals with the process of managing the invoices that flow in from arrival to post. It exists in organizations that deal with both purchase and non-purchase orders. Generally these invoices are handled by the accounts payable department.
Using Accounts Payable Invoice Processing Software
An invoice can appear at an organization through e-mail, physical mail or fax. Traditionally, after reception, the invoice processing procedure starts with a verification of document authenticity by the accounts payable clerk. After manual verification, the invoice gets directed to the person who ordered it. There can be other intermediate steps if some discrepancy arrives in the payment and arrival of goods. But manual processing is time consuming. With the advent of technology, automatic accounts payable invoice processing has become critical to developing new workflow efficiency. For example, the automation procedure has made invoice processing much faster. The accounts payable clerk only has to accept the invoice and feed a scan of it into the digital system. After the system is fed with the data, it automatically and instantaneously verifies the invoice. After the processing is completed, the invoices are routed to the address of the responsible person. This employee is notified through message via electronic mail service.
Advantages of Invoice Processing Software
The long-term cost of an automated data entry system is substantially less than that of a manual system. Our invoice processing software exhibits rapid, accurate machine processing to accelerate workflow and eliminate human error. The workflow incorporated in our accounts payable invoice processing also enables stronger internal controls, equipped with an accounts payable review and approval methods to ensure near-perfect accuracy. Efficient document management is a critical component of lean, profitable companies. Learn more about Softwork AI’s Trapeze for Invoice Processing Software to make use of efficient data entry automation technology for your company.