Automated Invoice Processing
- Over 4 years of experience in Automated Invoice Processing
- Excellent customer support
- Canadian based company
- Certified Experts only
- Competitive Pricing
Automated software such as ERPs is extremely efficient for invoice processing, though of course that is dependent on them being fed the information which will enable them to do their job. Invoice processing can be a very involved task, with steps which have to be followed in the correct order for them to work. Thus, automated software is useful for reducing the amount of time and effort involved in the process, as well as offering everybody involved in the process a means of keeping up-to-date on the payment status.
Improvements to Invoice Processing
- 1.It can cost less.
- 2.It takes less time to process an invoice.
- 3.There is very little chance for error, provided the system has the correct information to begin with.
- 4.The system ensures that there are no duplicates in the system, and also cuts down on fraud.
- 5.There is better control over the process.
How Does Automation Work?
Automated invoice processing is built upon the automation systems which offices and companies are already using, and can be divided into five separate areas:
• Capturing and Validating the Data
• Reconciling the Invoices with Current Information
• Accessing the Needed Information
Automated invoice programs are made to be self-learning; they can learn to recognize information from a variety of sources, be they PDFs, emails, or spreadsheets. What happens is that the recognized information is then checked against the information which already exists within the system, and validated against that. If all the information is matched, then the invoice is automatically posted out with no further actions needed. If the information is not matched, or cannot be recognized, then the system will flag it up for the attention of someone in the AP department to handle. Once approved, all invoices are automatically posted to their recipients, with the option for either end of the process to receive information on payment status through a variety of platforms.
- Invoices are posted automatically
- Companies can monitor the status of sent invoices
- There is a confirmed ‘paper trail’ to ensure compliance with auditing
- Incoming data is automatically compared with already existing data in the system
- Fewer late fees
- Fewer incorrect payments
- Processing of the invoices takes much less time
One of the main reasons for the high operating costs associated with invoice processing is the need for exceptions to be weeded out. There are many reasons for exceptions: insufficient funds, difference in prices and quantities, unmatched purchase orders or wrong vendor data, but automated processing can be programmed to recognise these patterns, so that any invoices which meet the criteria can be automatically shunted to a member of staff who can deal with it. This not only cuts down on processing time but also allows employees to focus entirely on the difficult invoices.
It’s not just about Saving Money
While using an automated system will save a lot of money in terms of both time and employee involvement, it can have much more of an effect than that. Automated systems increase the number of invoices which can be handled in the same space of time, with no subsequent loss of reliability. This means that employees who were previously engaged entirely in invoice processing now have time to devote to the company itself, and how to keep improving.
- Reconciliation Automation
- Bank Reconciliation
- Credit Card Reconciliation
- Wires & ACH Reconciliation
- Credit Card Reconciliation
- Accounts Receivable
- Accounts Payable