Invoice Processing - The Benefits of Automated Invoice Processing

An invoice is a legal document serviced by vendors to companies for services provided.

PA, PA (prHWY.com) November 10, 2012 - PA, Nov 10, 2012 - An invoice is a legal document serviced by vendors to companies for services provided. In businesses, it becomes cumbersome to maintain records of daily invoices manually. Sometimes they get lost or get unaccounted. For this reason, software companies have designed blank invoice templates. They are free to download and contain all the particulars needed for an invoice.

Invoice Processing - An invoice management solution can manage all paper and documents coming through an accounts payable department. They are often modular in design and can help cut costs and improve efficiency, whilst also boosting control.

When invoices enter the accounts payable department, they can either scanned into the invoice processing solution or if they are in an electronic format, the data is transferred. Optical Character Recognition (OCR) technologies can be used to automatically read the data on the invoice, therefore completely eliminating any manual data entry that might have traditionally been carried out. Alternatively, manual data entry can be carried out using a range of indexing tools to make this a quick and easy process. To share the invoice data and avoid duplicate data entry, invoice management platforms are often integrated with the financial system.

Vendor Invoices - For any invoices that arrive without purchase orders (POs), the coding and authorisation modules can be used to automate the coding and approval. The coding module allows either the procurer or the accounts payable department to code the lines of the invoice online. This reduces the issues of invalid or inappropriate codes being used and speeds up the process by using intelligent defaults and validation rules. Authorisation modules automates the invoice approval process: email alerts are sent to procurers with a hyperlink to their intray where they can view a list of invoices to be authorised. They can then either accept or reject each invoice, with options to refer or forward to a colleague as well.

For invoices with purchase orders, matching and resolution modules allow any invoices that automatically match the receipts to be automatically posted to the finance system. If invoices arrive with no receipts, the invoice processing solution will prompt the procurers to receipt the goods using similar functionality to the authorisation modules. It also manages the approval process for discrepancies between orders/receipts and invoices, and facilitates


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Invoice Processing - ExpenseWatch.com delivers expense control products & services for businesses that automate manual, time consuming paper-based processes while enabling visibility and control of all company spending.

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