![]() ![]() ![]() Confirmation: After each invoice gets processed, verification needs to be sent out to the proper source and payment gets issued.Data Inputting: Data then gets transmitted into an ERP, purchasing, or procurement management platform.Any irregularities are flagged for manual approval. Verification/Approval: Data from the invoice needs to be verified (supplier details, quantity, product numbers, company codes, etc.).Processing: Documents are scanned using OCR and other intelligent software.Collection: Invoices are collected from email, cloud-management platforms, or vendors directly. ![]() Here’s how the automated invoicing works: With invoice automation, you can process documents of any type (emails, PDFs, paper invoices, etc.) automatically within your purchasing platform. The goal of automated invoice processing is to remove the human element from all but the most essential tasks. How Does Automated Invoice Processing Work? When set up properly, invoice automation allows whoever’s in charge of purchasing in your organization to process payments with very few clicks and almost no manual data entry. This means you can easily communicate with your suppliers, evaluate their performance, and get the insights you need to adjust purchasing in your business. Invoice automation platforms also support vendor management. In addition to invoices, invoice automation can include the processing of canceled checks, credit memos, shipping and collection notices, expense reports, packing slips, POs, and more. Instead, invoice automation involves pulling data from both structured and unstructured document invoices and inputting it into a “digital filing system” or ERP that stores the data in an easily accessible, organized way. And surprise - it involves more than just invoices. Invoice Automation is the process of extracting data from documents related to purchasing in any organization. By the time you finish this (or sooner), you’ll be on your way to automating invoicing in your business. We’re going to walk you through the whole process. The solution is simple: Automate the invoicing process.īut, what exactly does that mean, and how does it work? Despite that cost, manual invoicing is still quite common in small businesses. Businesses spend between $12 - $30 per manual invoice (or more!). What is surprising is the cost of manual invoicing. Not surprisingly, manual processes are more time-intensive and expensive than automating them. Most businesses still rely on manual processes over automation. ![]()
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