Automated Invoice Processing

Automated Invoice Processing utilises sophisticated data capture technology to extract and validate invoice data, before it is exported into the accounts system for processing towards payment, and the corresponding invoice image is archived.

Manual processing of purchase invoices is one of the most lengthy and costly processes within any organisation. Inputting purchase invoice data into the accounting system, validating the data, authorising the invoice and then archiving a copy invoice are all extremely time-consuming when done manually. Delays in executing these processes can be even more costly for an organisation, often resulting in reduced supplier discounts and/or severe late payment penalties.

Optical character recognition (OCR) technology can be used to automatically capture invoice data from electronic invoices (scanned from paper or sent to your organisation as an electronic image.) The invoice data is then validated before the data is exported into the accounts system (ERP) and the corresponding image is archived.

Invoices can be sent electronically around the organisation for approval and/or coding. Business rules can be built into the authorisation process; for example based on supplier, value or cost centre, etc, so the system knows which authoriser to send the invoice to. When an invoice is given final approval, it can be sent back to accounts payable staff or the data can be used to automatically update the status in the accounting system.

Electronic image of the invoice can be stored for audit purposes, along with the authorisation audit trail for future reference.

Key Benefits of Purchase Invoice Automation

- Significantly reduce data entry costs
- Eliminate data entry errors
- Maximise settlement discounts
- Minimise late payment penalties
- Eliminate lost invoices
- Improve cash flow
- Re-deploy accounts payable staff to carry out more productive roles