Many would consider the answer to be a resounding “Yes!”
In today’s fast-paced business world, efficiency and accuracy are paramount. Yet, for many accounts payable (AP) teams, invoice processing remains a cumbersome and time-consuming task, often plagued by the challenge of dealing with invoices in multiple formats and arriving through various channels.
If you’re managing a busy AP team handling hundreds of thousands or millions of invoices annually , you’re likely familiar with the frustration of handling invoices in multiple electronic formats, PDF , and perhaps even paper. This diversity not only slows down the processing time but also increases the risk of human error.
To further complicate matters, invoices can arrive through various channels, including email, invoicing networks, and postal services. This creates a slightly haphazard environment, making it difficult to track invoices, maintain visibility, and ensure timely payments.
Invoice Automation – The solution to format and channel chaos
An invoice automation system eliminates the chaos caused by multiple invoice formats and channels, transforming your AP function from a time-consuming bottleneck into a streamlined process.
Here’s how an invoice automation system tackles the format and channel challenges:
- Format-agnostic processing: Regardless of whether an invoice arrives in XML, PDF or hard copy, a good invoice automation system is capable of accurately parsing, extracting and interpreting the relevant data. It employs einvoicing networks and intelligent data capture techniques to identify key fields, including header, line-item and tax information.
- Centralized invoice database: Invoices, regardless of their format or channel of arrival, are consolidated into a centralized database to form a highly accurate repository. This centralized approach means an invoice automation system provides a single source of truth, enabling easy access to invoice information and eliminating the inconsistency of presentation that may introduce errors into the processing workflow.
- Seamless integration: Invoice automation systems seamlessly integrate with your existing accounting and ERP and S2P systems, eliminating the need for manual data entry. Integration ensures the unimpeded and secure exchange of data. Invoice data flows smoothly, driving automation of your financial workflows, streamlining the entire process.
- Automated data validation: Invoice automation systems incorporate data validation rules to ensure the accuracy and completeness of extracted invoice data. The best systems use integration with ERP and S2P enterprise software tools to cross-check invoice information. Cross-referencing invoice details against purchase orders, contracts, and other relevant documents identifies discrepancies and prevents errors from entering the system.
The benefits of invoice automation with APMatching
When an enterprise AP department automates invoice processing with APMatching, it can expect three key benefits in the shape of streamlined efficiency, enhanced accuracy, and reduced processing costs.
The platform is a truly transformative invoice automation solution. It eliminates the drag associated with manual processes, streamlining everything from invoice receipt to matching and delivery to your ERP system. Our comprehensive solution automates the entire process, from receipt of invoices to resolution of exceptions, empowering your AP team to focus on more strategic tasks.
- Intelligent data extraction: Simplify invoice data capture by leveraging APMatching einvoicing networks, intelligent data extraction capabilities, regardless of the format, layout, or language of the invoice. Our Invoice-Matching software and services seamlessly adapts to your existing digital invoice submission processes, ensuring a smooth transition that’s transparent to suppliers.
- 24 hour data delivery to ERP: Redirect invoices received via email and any other channel directly into our system, eliminating the need for manual data entry. Our system processes invoices within 24 hours, delivering accurate data to your ERP for prompt payment processing.
- Secure integration: Robust and secure API connectivity ensures seamless integration with your existing ERP and S2P systems, for a unified and efficient workflow. Our system’s real-time matching capabilities handle high volumes of invoices with precision, utilizing line-by-line item matching to identify and resolve discrepancies promptly.
- Exception handling: Customized exception handling ensures that any discrepancies are addressed promptly, minimizing delays and preventing errors from entering your financial systems, ensuring optimal performance and accuracy.
- Reporting and analytics: Unlock the power of data analytics to identify opportunities for optimization, and further enhance efficiency. Our system provides detailed reporting that empowers you to make informed decisions and drive continuous process improvement.
Tackle your AP invoice processing challenges with APMatching
Take a personalized demo with one of our representatives, and we’ll show you how the software eliminates tedious, time-consuming manual invoice processing and automates duplicate invoice detection.
If you like what you see, we’ll give you full support so that you can more fully evaluate APMatching with a Proof of Concept (PoC), demonstrating how effective it is using your own data.