What is invoice processing?
- What is invoice processing?
Invoice processing is the handling of incoming supplier invoices from their receipt to when they are sent to the ERP or accounting system for payment.
- What types of invoices are processed?
There are generally 3 types of invoices: invoices that have a matching request or purchase order (PO-based invoice), invoices that do not have a purchase order (Non-PO invoice), and invoices that are connected to service contracts (recurring invoice).
- What does invoice processing software do?
Invoice processing software collects both scanned paper invoices or invoices in electronic formats such as EDI, XML, PDF, Word, Excel, CSV, and HTML into a central dashboard. An approval workflow sends the invoices to approvers for sign off. Once an invoice has been approved, the invoice is forwarded to the ERP or accounting system for payment.
- How are invoices matched to purchase orders or goods receipts?
Premium invoice processing software automatically matches invoices to purchase orders and goods receipts. If there is a conflict the exception is sent into a pre-defined user workflow and the invoice, purchase order, and goods receipt is sent to the approver who intitiated the order.
- How does invoice processing benefit an organization?
Automated invoice proccessing reduces approval and payment cycle times by as much as 70%. AP staff can handle larger volumes of invoices without adding to headcount, which is valuable for organizations that are growing.
- How does invoice processing work with a mobile workforce?
Invoice processing is available on both desktop and mobile devices. Approvers can view and approve invoices 24/7 wherever they are.
Find out more about automated invoice processing here.
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