Invoices play a big part in a business’ procure to pay process. Preparing invoices however takes up a lot of time and requires accuracy. This is a challenge that can be easily solved with invoice processing automation. It is a growing sector of automation that provides 100% accuracy in implementation while freeing up time for finance teams to focus on advanced level tasks.
To fully appreciate this process, you need to understand what is involved in invoice automation. This is a process that employs specialized automation software to retrieve data that is used to populate an accounts payable document with related information. Some of the processes that are automated include purchase order management, workflows, data entry, price information, and payment records among others.
If you understand the manual process of dealing with invoices, you will be amazed by the automated invoice processing workflow. With the manual process, you may have more than 10 steps to process an invoice. Automation however gets everything done much faster.
The system will scan the invoice from a supplier and extract the data which is then entered into a digital accounting system that converts the information into searchable text. The automated system knows exactly what to capture and where to enter it. Within a few minutes, the invoice is ready for review and approval.
Accounts and finance teams that would like to improve efficiency need invoice automation software. The savings in time, cost, and labor are too much to ignore. Many businesses have been able to positively change the way they do business with this disruptive technology. Many professionals regard this as super-essential for doing business. It is just like businesses need computers to carry out different functions, accounting departments need this software.
There are thousands of automation software available in the market, but not all of them will meet your needs. Before you make a purchase, evaluate your needs, and find one that is appropriate for your needs. You could write down a list of features you would want and try them with a free trial before buying one.
And, when looking to automate the generation of invoices you can count on Windward to do the job for you in minutes to help you stay focused on the core part of your business. Learn more about our automation software here.