What does an automated invoice processing system do?
Automated invoice processing solutions facilitate the approval and posting of invoices using three vital processes: invoice capture, automatic two-way matching and automated approval routing.
- Invoice capture aggregates all paper and electronic invoices and extracts and validates invoice data.
- Automatic two-way matching uses algorithms to match each incoming invoice to the relevant PO and/or delivery receipt. If the invoice matches (within tolerances the organization specifies and manages) the invoice processing solution passes it straight-through to the organization’s finance system.
- Automated approval routing electronically moves invoices for review and approval based on assigned “delegation of authority” rules written with suppliers, account amounts, duplicates, account numbers and other criteria. Invoice processing systems also enable users to instantly retrieve and view invoices and audit trails.