Invoices are one of the most common documents businesses have to deal with, and yet they can be very inconsistently structured. This makes it difficult for AP and AR departments to navigate them in an expedient and intelligent manner. Intelligent document processing is an integral technology enabling these departments to manage invoices more effectively.
With the help of a good invoice processing platform, invoice automation, and invoice process automation, you can streamline your Accounts Payable and Accounts Receivable operations.
Intelligent Document Process
The processing of invoices is one of the most time-consuming activities for businesses today. Employees in Accounts Payable (AP) and Accounts Receivable (AR) departments at organizations of all sizes, shapes, and sectors spend hundreds of hours executing these common yet variably structured documents.
While some invoices take priority over others due to organizational or regulatory requirements, the sorting and management of all these documents are crucial to the timely flow of payments.
Invoices are a necessary part of doing business, but they can be very inconsistently structured. This makes it difficult for AP and AR departments to navigate them in an expedient and intelligent manner. Intelligent document processing is an integral technology enabling these departments to manage invoices more effectively.
With the help of a good invoice processing platform, businesses can automate their Accounts Payable and Accounts Receivable operations. This can save a lot of time and resources that would otherwise be spent on manually processing invoices.
Invoice Processing Platforms
An invoice processing platform is software that helps businesses automate their Accounts Payable and Accounts Receivable operations. This can save a lot of time and resources that would otherwise be spent on manually processing invoices.
There are many different invoice processing platforms available on the market, so it is important to choose one that best suits your business needs.
What Are The Steps In An Invoice Processing Platform?
An invoice processing platform typically consists of the following steps:
Extracting data from invoices
Extracting data from an invoice is the first step in processing it. This data includes the invoice number, the date of the invoice, the name and contact information of the vendor, and the amount owed.
Validating extracted data
Once the data has been extracted from the invoice, it is then validated to ensure that it is accurate. This step can be done manually or through automated means.
Processing the invoice
After the data has been extracted and validated, the invoice is then processed. This typically involves matching the invoice to a purchase order or contract and then recording the payment in the accounting system.
Once the invoices have been processed, businesses can generate reports to track their spending. These reports can be used to improve cash flow and optimize Accounts Payable and Account Receivable operations.
What Are The Benefits Of An Invoice Processing Platform?
There are many benefits of using an invoice processing platform, including:
- Reduced processing time: Automating invoice processing can help businesses save a lot of time that would otherwise be spent on manually processing invoices.
- Improved accuracy: Automated systems can help reduce errors and improve the accuracy of invoice processing.
- Enhanced visibility: Invoice processing platforms can provide businesses with greater visibility into their spending. This information can be used to improve cash flow and make more informed decisions about Accounts Payable and Accounts Receivable operations.
- Increased efficiency: Automating Accounts Payable and Accounts Receivable can help businesses improve their overall efficiency.
How Can Businesses Choose The Right Invoice Processing Platform?
There are many different invoice processing platforms available, so it is important to choose one that best suits your business needs. Consider the following factors when choosing a platform:
- Ease of use: The platform should be easy to use and understand. It should also be able to integrate with your existing accounting system.
- Functionality: The platform should have all the features you need to process invoices efficiently.
- Pricing: The platform should be affordable and offer a price that is based on the number of invoices you process.
- Support: The platform should offer support in case you have any questions or problems.
The right invoice processing platform can help businesses save time and resources while improving the accuracy and visibility of their spending. When choosing a platform, businesses should consider ease of use, functionality, pricing, and support.
Consider Decision Engines’ InvoiceIQ
If you’re on the market for an IPA platform, consider Decision Engines’ InvoiceIQ – it’s an end-to-end Intelligent AP Automation that digitizes multi-layout, worldwide paper invoices with over 85% accuracy, employing a set of AI Bots and continuously learning new vendor formats on the fly. It also orchestrates data between vendors, AP systems, and the AP team seamlessly.
Automate your business processes quickly, easily, and cost-effectively with Decision Engines. Our self-service business automation platform uses artificial intelligence for autonomous decision-making to replace manual tasks and optimize efficiency from start to finish.