Know How To Automate Invoice Processing For Your Business 

The conventional approach to process invoices involves entering invoice data on time, producing paper invoices, matching purchase orders, and filings repeatedly. While manual invoice processing seems great for fewer invoices, it can turn into an inefficient process when there are too many invoices. 

If your business processes multiple invoices each week/month, it is time you automate invoice processing to streamline invoice processing and improve the efficiency of your accounting staff. 

What is automated invoice processing? 

By automatically processing the invoices, the automated invoice processing system aids in streamlining the accounts payable procedures. To keep the records digitally, it simultaneously updates the data in your enterprise resource planning (ERP) system. It seeks to significantly cut down on the amount of time needed for manual processing of the invoices while also assisting in lowering the margin of error that human tasks present.

Benefits of automated invoice processing

The benefits of implementing an automated invoice processing system are: 

  • Reduction in error rates. Less manual entry means fewer opportunities for error.
  • Up to 80% reduction in the procure-to-pay cycle for businesses. 
  • Shortens processing times and expedites the approval process.
  • Reduces the cost of labor, and employees can work on more crucial business-related tasks.
  • Reduces payments and invoices that are duplicated.
  • Reduces the expense of handling invoices manually (postage and paper).


How does automated invoice processing work?

Traditionally, the accounting department receives an invoice from a supplier detailing the outstanding balance for the items or services supplied. The accounting department then compares the invoice to the products and services received.

The payment information is updated in the system after the bills have been added and are ready for approval. Payment is made to the supplier after approval. Depending on the organizational structure, different permission levels must be obtained before a payment can be made. Typically, this process takes 15-20 days. 

Although automated intelligent invoice processing is based on the workflow previously mentioned, it effectively gets rid of the tedious manual activities, mistakes, and delays that come with them. Here is an example of the workflow for automated invoices processing:

  • When the invoice is delivered to you (mail, inbox, or on third-party software), it is automatically scanned, and the information is then entered into the digital accounting system in the chosen format.
  • The automated invoices processing system converts the invoice into a text-searchable document after the data has been entered. It is then mapped so the invoices can be actively tracked inside the ERP system.
  • The data recorded gives a complete and well-formatted account of the invoice that can then be shared with the relevant parties for evaluation and approval of the payment. It also includes the supplier’s name, purchase amount, information about the goods/services given, and more.
  • In case the data validation fails, it is checked manually. If not, the processed invoice is given to the department in charge of approval and payment.

Why choose invoice processing automation?

Intelligent invoice processing system uses Artificial Intelligence and Machine Learning to reduce data extraction errors, speed up turnaround times, and process bills more economically. Automated invoice processing software can be easily integrated into your existing system. Visit the following site to know more about this

Choose automated invoice processing solution if you want the following things: –

  1. A solution that can be customized to work with any invoice template, layout, or design.
  2. A system that enables your accounts payable personnel to concentrate on far more crucial duties than manual data entry, assisting you in expanding your company.
  3. A solution that provides line items and key-value pairs with unmatched 100% data extraction accuracy.