How do you create an automated invoice processing workflow?
Invoicing is a necessity for any business looking to make money but it’s typically one of the tasks that people look forward to the least. Manually processing invoices can be tedious, time-consuming and often strewn with errors. Fortunately, there is a simpler way – the automated way.
Automated invoice processing saves companies time and money by taking the protracted task of invoicing and streamlining it. Not only is it fast but it’s more accurate and secure against fraud too. Let’s look at how you can create an automated invoice processing workflow for your business.
What is Automated Invoice Processing?
Automated Invoice Processing pretty much does what it says on the tin. It is the use of software to eliminate the need to manually process invoices by making them fully digitised.
This process is one form of Business Process Automation that simplifies invoicing; from raising purchase orders, resolving irregularities and gaining senior-level approval to issuing payments and updating the company system.
Rather than having different stages of invoicing across various departments or members of staff, the automated process centralises everything which cuts down significant time.
How Document Options provides Automated Invoice Processing
Our method for automating your invoice processing combines data from paper and electrical invoices into one main workstream. Using state-of-the-art Document Scanning Services, we convert old paper docs into easy-to-find digital versions.
Through AI learning technology, our intelligent platform reads and captures the invoice data which helps to create master data. This master data is integrated into the system through the creation of a dynamic reference table.
Now, wherever any invoices do not match the master data, the document is transferred to a validation file for verification. This is where the humans come in and check to see if there is an error with the invoice or if things have simply deviated from the norm.
Once verified, either manually or digitally, the invoice is then transferred to the client, where their accounts information will be updated. Electronic invoices can now go to any line of business system the client requires.
Invoice management made easy
Regardless of how many invoices your company processes, introducing an automated workflow will save precious labour and money. Not only can it streamline the process for a business but it can put them in a position to grow exponentially. The Document Options system will already be in place and can be scaled up or down according to the size of your company.
Reducing the chore of data entry
Entering data for traditional invoicing takes the most time and it’s the least enjoyable part of the process. Consolidating invoices and other documents using an Enterprise Content Management System makes the process smoother with fewer opportunities for incorrect data entries. Manual data entry is inefficient while an automated process allows for easy viewing, reporting and pre-populated documents which shaves time off invoicing.
Avoiding trivial matters
Companies need to keep a close eye on their invoices but some transactions don’t require approval from higher-ups. An automated invoice processing workflow can set transaction limits and if they go beyond a specific amount they are drawn to a manager’s attention. This can save time by directing invoices to the right approvers, rather than sending everything to one person, or everyone.
Keeping records in a central database
With many businesses opting to go paperless, or heavily reducing their paper usage, the ability to digitise documents offers two significant advantages. Firstly, digital copies help reduce the physical storage needed by businesses and those cumbersome filing cabinets can become a thing of the past.
Secondly, and more importantly, digital documentation can be stored in a central workflow which everyone can have access to. In our ever-increasingly remote working world, it’s important for staff to be able to access data whenever they want and from wherever they may be.
Automatic invoice matching
Our workflows are designed to look for any duplicate invoices which helps to prevent invoice fraud. With many organisations being targeted by fraudsters through their payments and billing processes, it’s important to stamp it out as soon as possible.
Thanks to intelligent software, our invoice processing workflow can handle diverse invoice structures for different clients and learn to recognise what it’s looking for. With automatic invoice number, purchase order and date recognition software our workflow is capable of adapting to changes while maintaining 100% accuracy.
If this process remained manual, a clerk would have to trawl through a database or physical filing cabinet to check for duplicates or slight differences. By integrating automatic invoice matching into your workflow, all of the information is freely available and easy to find.
Say hello to an easier way to invoice
The benefits of Automated Invoice Processing make it a simple choice for businesses. Here at Document Options, we have created a multitude of Business Process Automation solutions to save companies valuable time spent on laborious tasks.
From streamlining HR Document Invoice Management to Document Management Workflow, we aim to provide cost savings through streamlining processes. If you would like to enquire about process automation, do not hesitate to contact us for a no-obligation quote or demo.