Invoices are critical financial documents which are subject to compliance regulations such as Sarbanes-Oxley. It is important that these documents are captured and archived using a well documented and consistent process.

Processing an invoice involves capturing key data, entering it into the proper financial systems, and kicking off the related business processes to process that invoice. Although straightforward, this task must scale to handle the large numbers of invoices your business will receive each day. Accuracy and efficiency become major concerns as your company grows. Likewise, the costs associated with handling and managing this volume of data, the human labor typically required, and the need to catch and fix errors along the way, can grow rapidly. According to an Aberdeen report from 2006, the actual cost of processing each invoice, from receipt to payment, can balloon to as much as $80 per invoice.

Eliminate Manual Invoice Processing

One of the most protracted and costly processes within any organization, is the manual processing of purchase invoices. Inputting purchase invoice data into the accounting system, validating the data, authorizing the invoice and then archiving a copy invoice are all extremely time-consuming when done manually. Delays in executing these processes can be even more costly for an organization, often resulting in reduced supplier discounts and/or severe late payment penalties.

Implement Automated Systems

Invoice automation can bebroken down into 3 main steps. These processes utilize the best automatation technology available to handle your invoice processing which will lower costs, increase efficiency and bring a rapid return on investment.