Invoice processing
Invoice processing is an administrative process often cited as a paragon of digital transformation. For many companies, it stops at receiving and processing digital invoices. Whereas it is with automated invoice processing that real gains are made.
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Digital invoice processing
Scanning and recognizing(OCR) invoices received and having them approved by budget holders through a workflow is commonplace. But for truly straight-through processing of invoices, both invoice recognition (see e-invoicing) and invoice processing must be automated.
Automatic invoice processing
Automated invoice processing refers to an automated process of e-invoicing, validation, coding, matching for approval and archiving of invoices. An integrated and data-driven approach with accounts payable, suppliers and procurement, is necessary for this. The result:
- Much lower accounts payable costs
- Much higher degree of auditable work
- Stronger relationship with procurement and suppliers
Automation takes off with process optimization
Automation of the invoice processing process can amplify existing errors and wait times and even introduce new errors and wait times. To avoid this, processes must be optimized before they are automated.
Trend Report
Digital transformation
Finance & Procurement 2024
Whereas digital transformation was previously mainly something for pioneers and daredevils, anno 2024 it is an absolute must-have for every organization. Challenges such as rising costs and staff shortages are forcing organizations to look for ways to work more efficiently. Automation plays a crucial role in this.
