Invoice processing systems typically imply that the software program application is capable of operating without guide systems. The bill processing device can manage all files and papers coming via an account payable department, online. Normally, they may be modular in layout, can help cut charges and improve performance by means of processing invoices without difficulty.
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How are successful companies assimilating AP cost per transaction, the percentage of invoices received, the cost
of invoice processing, the workflows, approval processes, visibility into sending and receiving of invoices, capturing
early pay discounts and more?
Has invoice processing system enhances the power and effectiveness of automated controls, reduces the
workload for IT, increases employee productivity and gain greater visibility into liabilities?
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It’s these types of questions that determine the company’s ability to push through the challenges in setting up
effective monitoring of the invoicing system.
Invoice processing systems generally mean that the software application is capable of working without manual
systems. The invoice processing system can manage all documents and papers coming through an account
payable department, online. Generally, they are modular in design, can help cut costs and improve efficiency by
processing invoices easily.
What does it take to accelerate your workflow?
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Learn how your organization can:
● Minimize the processing hours on invoices
● Eliminate manual data entry errors
● Avoid rework from having to rekey or reprocess invoices
● Invoices don’t match the PO (Purchase orders)
● Optimize payment terms
● Increase visibility throughout the A/P process
● Improve reconciliation, streamline accrual processes, and produce more-accurate financial statements
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JUST A FEW OF THE MANY CONSIDERATIONS:
Eliminate unnecessary invoices: Review the invoice stream.
Capture invoices data electronically: Receiving invoices electronically removes manual routing of invoices and
manual data entry.
Automation: - Decreases processing times
- Capture early payment discounts
- Eliminates Late payment fees
- Improves vendor relationships.
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Automate invoice matching and Validation: From the moment when the valuable data becomes digital, it is
validated with information in your financial system, gain process accuracy that contributes to the overall business
success. Each invoice verified can be aligned with the respective purchase order automatically. This approach can lead
the AP staff to focus on approving payments and reviewing exceptions rather than data entry and PO lookups.
Leverage web and cloud based solutions: Prioritize the solutions that integrate easily with your existing ERP
or system of record. The cloud based online invoicing software keeps better maintenance of invoice records, reduces
invoice exception and disputes, improves brand presence, can be accessed anytime anywhere and also helps to get
paid faster with the late fee and payment reminders.
Integrate with enterprise resource planning systems: The perfect invoice processing system captures
invoices from multi channels, extract information from images, automatically match invoices with purchase orders and
integrate the results into enterprise applications and systems of records.
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TO THAT END
The online invoicing tool supports the optimization of internal workflows reducing the number of manual steps needed
to complete the purchase-to-pay cycle. These include document imaging, data capture workflow, and integration
with ERP and other financial systems. The automated invoice processing system boosts accuracy, helping to
escape costly errors and minimize risk.
WHAT’S MORE!
➢ It creates value and revenue.
➢ It reduces the endless cycle of processing invoices, from initial receipt to final payment.
➢ By combining document capture and imaging technology with advanced workflow capabilities i.e. managing
unstructured and unpredictable processes in a simple and intuitive way.
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WHY INVOICERA?
Invoicera proves to be an effective solution to control how your customers pay and lower costs by replacing a
time-consuming AP process.
The optimization of invoice processing system enhances company’s profitability, eliminates costly mistakes
and reduces transactional costs.
It also reduces the operational costs, helps staff to reconcile the purchase orders and generates improved
order-to-payment cycles.