How Our Invoice Processing Automation Works
Invoice processing is the workflow that manages incoming invoices from suppliers, ensuring they are accurately captured, validated, approved, and paid. With automation, the process becomes much more streamlined and efficient. Here's a step-by-step breakdown of how automated invoice processing works:
1. Invoice Receipt
Paper invoices are scanned, and electronic invoices are directly imported into the system. OCR technology extracts key data, such as supplier details and invoice totals.
2. Data Capture and Extraction
OCR automatically extracts relevant data from invoices, including supplier names, line items, and tax details.
3. Validation and Verification
Captured data is verified against business rules. Discrepancies trigger an exception process for manual review, ensuring accurate invoice processing.
4. Approval Workflow
Invoices are routed to the appropriate approvers, with automated reminders keeping the process on track.
5. Payment Authorisation
Approved invoices are integrated with your ERP or accounting software for timely payment.