Invoice Management Software for Accounts Payable

Organizations are looking to optimize their finance administration and Accounts Payable is one area that is looking to be disrupted.

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What is invoice management software?

Organizations are looking to optimize their finance administration and Accounts Payable is one area that is looking to be disrupted.

That’s because many companies in North America are still using paper processes, email, spreadsheets, phone calls and other manual methods to manage invoices and get approvals.

Times have changed, and invoice management software (or accounts payable automation software) is giving finance professionals a better way to work. Vendor invoice management becomes much easier when the accounts payable process is digitized and automated.

How does invoice management automation work?

One of the fastest ways to accelerate invoice processing is to solve the “capture” problem. Many organizations are still manually entering vendor invoice data, either from paper and/or emailed invoices coming from suppliers. This creates bottlenecks as well as manual errors and missed invoices.

A good invoice management automation system incorporates invoice capture technology that collects all the essential data on vendor invoices received and stores the information in a database.

Superior invoice scanning capture solutions can intuitively recognize invoice layouts and perform all the necessary mapping of digital data. Modern invoice OCR technology can do this with a 95% accuracy rate.

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What is the invoice management process?

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Paper and emailed invoices are automatically captured and the invoice data is populated in a central dashboard. Finance administrators setup approval workflows for project managers and supervisors. Invoices automatically flow to the right approver once the invoice enters the system.

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What are the benefits of using an invoice management system?

The benefits of a robust invoice management system include:

Dashboard gives finance administrator visibility into bottlenecks
Ability to grow without adding to headcount
Invoice data capture – eliminating manual data entry
Approval workflow that speeds up cycle times
Automated PO matching in the background
In the cloud – no need for servers or upgrades
Integrates with the organization’s ERP
Searchable invoice archive in the cloud
Audit trail for internal and external investigations

For PO invoices, a good invoice management system will automatically match invoices to purchase orders and goods receipts. A “matching engine” matches invoices to the PO at both the header and line level, which means even an invoice or PO with hundreds of lines gets matched – all within minutes of receipt.