Invoice Processing

Automated invoice processing software in the cloud that cuts invoice processing time in half with flexible automated approval workflows.

What is invoice processing?

Invoice processing refers to the complete process of handling supplier invoices. It begins when you receive an invoice and ends when the invoice has been recorded in your ERP.

The invoice processing consists of five steps:

  1. Capture invoice data, general ledger code and match supporting documents (purchase order and/or delivery receipt)
  2. Send the invoices to approvers to approve 
  3. Authorize and submit the invoices for payment
  4. Process the payment for the invoices
  5. Archive the invoices and record payment information in your ledger

This whole process is traditionally performed manually by an accounts payable department, but with new technology the steps are automated. Using invoice automation software will save you both time and effort.

“We needed a system that could match our growth. With Palette, this is exactly what we have received.”

Finn Rune Kristiansen • CFO at 4Service

Benefits of automated invoice processing

Automated invoice processing streamlines every step of your supplier invoice process, gives you more control over internal processing functions with better visibility and traceability, and improves the speed at which vendor invoices are processed. 

The cost of processing invoices comes from manual labor, inputting invoice data and information, storing physical invoices and routing the invoices for approval. Automating the process saves both time and effort and reduces the risk of costly human errors.

There’s no reason to rely on email and spreadsheets to handle and manage supplier invoices anymore. While this method works it relies on manual data entry which takes both time and effort. Where a human can make errors in the invoice processing workflow, ap automation. repeats the same process according to configurable business rules.

With Palette’s invoice processing software, the process of handling invoices is automated. Avoid manually organizing incoming invoices or manually entering dates. Incoming invoices are stored as an attachment or scanned image in a central cloud-based database where they are searchable and can be matched with the right purchase order.

No matter the size of your organization, invoices will be misplaced or forgotten. Many vendors will charge a late fee for missed payment, affecting both credit ratings and your organization’s cash flow.

With automated invoice processing software the risk of missing an invoice due to human error is reduced, ensuring invoices are paid on time. This helps you maintain a good relationship with your suppliers.

Palette integrates with over 50 ERPs, and connects seamlessly with popular ERPs such as NetSuite, Workday, Dynamics, SAP, and more.

Why choose Palette’s invoice processing solution?

  • Slash invoice processing costs in half
  • Easy to process invoice for payment
  • Automated workflow handles PO and Non-PO invoices
  • No-match or non-PO invoices are sent to the appropriate approver
  • Drag and drop workflows for ad-hoc rerouting – no coding required
  • 1-click approval in email with all documents provided
  • Optional intelligent 3 way matching of Invoices, POs and goods receipts

More control, faster workflows and reduced cost

  • Any reference data can be used to auto route an invoice to a specific approval workflow or role. No other system can give you the opportunity to maximize straight through processing metrics.
  • The process and approval of invoices is fast and efficient wherever you are – using your laptop, smart phone, tablet or email system.
  • Approval workflow is fully automated and easy to deploy by business users. The supplier invoice format can be scanned, electronic, or email.

Optional Intelligent 3 Way PO Match has a cascading matching engine that matches against purchase orders at the header or line level.

Full integration with Your ERP using Palette’s Rapid Deployment Connector 

96% feel that Palette fulfills expectations. Trusted by Banks in the US and Europe with full security and compliance accreditations.

Are you ready to take the next step?

Let us know what problem are you looking to solve.