Paper Invoice / Purchase Order
How Paper Invoice / Purchase Order Works with DecisionIQ Automation
How It Works
Paper invoice processing transforms into a more efficient, streamlined operation with DecisionIQ’s automation platform. The system initiates the process by scanning and digitizing paper invoices, using advanced AI and optical character recognition (OCR) technology. This process captures all relevant data, such as vendor details, invoice amount, date, and line item information, converting it into a digital format for easy processing.
Following this, DecisionIQ’s AI matches the digitized invoice data with corresponding purchase orders and receipt data already in the system. This automated three-way match verifies the accuracy and validity of each invoice, ensuring that it aligns with the initial purchase order and received goods or services.
In the event of discrepancies, such as mismatched amounts or unaccounted goods or services, the system instantly flags these for review by the finance team. This allows for prompt resolution of issues, preventing errors, and potential financial losses.
Over time, DecisionIQ’s machine learning capabilities enhance its ability to process and match invoices, learning from every discrepancy it encounters. This continual learning process improves the accuracy and efficiency of future invoice processing.
Incorporating DecisionIQ’s automated invoice processing capabilities can significantly reduce manual effort, reduce error rates, accelerate processing times, and enhance financial accuracy. This leads to efficient invoice management, improved vendor relationships, and robust financial control.
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