Automated Invoice Processing

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Automated Invoice Processing

To put it simply, incoming invoices are formal, written requests from a vendor, supplier or service provider that need to be verified, approved, assigned the GL account coding and prepared for payment processing. Handling incoming invoices can be a simple or complex process, depending on the rules of your company, and must follow compliance standards.

What is invoice processing?

Typically, invoice processing is performed by the accounts payable department in larger organizations. In small to midsize companies, processing invoices might fall to general accounting departments, office managers or owners.

Incoming invoices from a vendor or supplier need to be verified, approved, assigned GL account coding and prepared for payment processing. Handling these invoices can be a simple or complex process depending on the rules of your company, and whatever approach you choose, you must follow compliance standards.

The most important factor is that incoming invoices are processed quickly, accurately and digitally — and that the right people are in the approval workflow. This yields immediate benefits:

• Eliminate paper and manual data entry
• Automate workflow processes and exception handling
• Reclaim early payment discounts
• Dramatically cut audit prep time

Major benefits of automated invoice processing

Every company has one thing in common: it processes invoices. Whether you're paying manufacturers for raw materials, wholesalers for products or vendors for services performed, you need a process to ensure payments are correct, made on time and follow your company policy. You can ensure your invoice processing system is delivering benefits in addition to simply getting the payments out in the end. Some of the benefits of investing in automated invoice processing include:

Reduced manual data entry.

Strong invoice processes rely on electronic invoices or converting the paper invoices you receive into electronic form.

Automated workflows

Automated workflows let you set rules-based processes that route invoices through the proper steps to payment.

Easy access to information anywhere, anytime

If an accountant, manager or staff member has questions about an invoice, then the necessary data and information can be retrieved and displayed at any time and in any location.

Greater reliability of invoice verification

Invoices are sometimes quickly “waved through” the process — especially during hectic times when employees are dealing with heavy workloads.

Increased number of early payment discounts

Strong invoice processing practices helps your company leverage more early payment discounts.

Reduced audit prep time

When invoices are captured and stored in an easy-to-use electronic system, you can prepare for audits or answer questions from business partners about accounts more quickly.