How to Automate Invoice Processing?
Automated Invoice Processing delivers significant value to organisations and finance teams that require higher processing speed and accuracy whilst meeting budget constraints and compliance rules and regulations.
The financial data used to produce, send, check and pay an Invoice typically resides within more than one system and is supported by spreadsheets and other data sources such a CRM and ERP databases. Automated Invoice Processing traditionally has been a complex affair requiring a range of technology and process definition with complicated rules and authorisation for sign off at different levels. This is no longer the case and please review this video clip.
ABBYY is also intelligent Invoice Processing
Automated Invoice systems have matured over time and now with the edition of Artificial Intelligence and Machine Learning in depth processes can now be created to significantly reduce processing time, invoice identification accuracy and where required enable automatic payment or managing the authorisation sign off for larger invoice amounts or when a purchase order amount does not match the invoice amount.
Automated Invoicing is Digital Transformation
In comparison to manual processing value is created by digitising the invoices either through Jpeg, Tiff or Giff and PDF, The image or pdf can then be read, understood and the data contained turned in to information accessible to accounts team. Invoices are fully understood, volumes captured and financial positions can be communicated in near real time so that executive decisions can be made with current objective information rather than old subjective data. This can be combined with UiPath Robotic Process Automation to transform your upstream and down stream process
Automate the Complete Invoice processing lifecycle
Automated invoice processing also allows organisations to location independent for processing invoices as the system can be taught what to do with each invoice based upon the invoice number, amount, client, purchase order number, value, accounts payable code.
This can be organised and routed to designtated staff and managers, automatically checked and matched against a pre-defined set criteria with a comprehensive, enterprise class Invoice management system the delivered outcome can be based upon Straight Through Invoice Processing (STIP)
90%+ Accuracy straight out of the box
With ABBYY Flexicapture for Invoicing the system already knows what an Invoice is and typical throughput rates are 90% and accuracy imporves over time. With new supplier invoices either the ABBYY system will eitehr know that the invoice is new or request a lookup and send the new invoice to.
Summary – 30 Day Free Trial
The ABBYY Flexicapture for Invoicing system will allow your finance team and accounts payable department to significnatly improve productivity, accuracy and processing speed whilst achiving location independence to support home working and allowing staff to develop closer relationships with customers and suppliers.
FREE 30-DAY Trial to show how ABBYY Flexicapture Invoice Processing can benefit your organisation please use the below.