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Automated Invoice Processing

Eliminate Manual Data with Automated Invoice Processing

For organisations who wish to be competitive, it is vitally important to reduce costs and make processes efficient. One such method is through automated invoice processing. 

The Drawbacks of Manual Invoice Processing

Manual data entry is time consuming and error prone, leading to late, missed or incorrect payments

An inability to swiftly search and retrieve historic invoices

Physical data storage is costly result in lost and misplaced invoices

How does an intelligent and automated invoice processing system work?

An intelligent accounts payable solution begins by scanning and digitising all paper invoices and incorporating all electronic invoices into a queuing system, which matches the invoice with the supplier. The relevant line items are extracted from the invoice using OCR technology and the invoice is matched up with a purchase order. Next, a workflow method is used to direct all invoices to the relevant departments for review and authorisation. Finally, the invoice is digitally archived in the organisations financial system.

The Benefits

An increase in process transparency. Digitised invoices immediately seen by relevant department.

A reduction in costs and an increase in productivity.

Optimise data accuracy. No manual entry means no entry or balancing errors.

No missed, delayed or incorrect payments.

An organisation can take advantage of early payments to suppliers.

Overall, better cash flow visibility, budgetary control and performance management.

 

 

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