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Invoice automation (also called automated invoice processing) is a maturing area of automation with limited implementation risks and significant benefits.Folding Floor Chair，Lazy Sofa Bed Back Lazy Chair Single Comfortable Bedroom Recliner Adjustable Backrest Computer,Brown-S Invoice automation would free up back office finance/procurement teams to focus on higher value added tasks.
Invoice automation allows straight through processing (no human interaction) most of the time for the entire invoice process. Invoice automation involves
- monitoring for invoices: Invoices arrive in companies as PDFs, image files and increasingly rarely as hard copy documents.
invoice capture: Extracting relevant details (e.g. bank account, ordered item) from the invoice. If software does not have confidence in the results, it is sent to employees for a manual check. evaluating invoice against order records and other criteria to ensure that the payment is indeed a valid one. Folding Picnic Table, 4 People with 4 Chairs Lightweight Portable Easy to Carry Storage Suitable for Outdoor Camping Picnics Barbecues Parties DiningEvaluations include
- For digital invoices, an RPA bot or a simple email automation tool can flag emails with invoices and forward them for data extraction. Some companies use a dedicated email address for invoices to further simplify invoice monitoring.Folding Lazy Couch Quilted Casual Folding Chair Outdoor Convenient Camping Chair bluee Green, with Storage Bag (color Green)
- For hard-copy invoices, companies are switching to using a single address to centralize invoice scanning
recording invoice-related information in systems making the necessary payment to settle the invoice
- cross-checking invoice against purchase orders
- cross-checking invoice for duplicity
- using working capital optimization policies to decide payment time
- using limits to to decide whether to manually process invoice. Invoices that are abnormally large compared to a suppliers’ usual invoices may need to be manually verified to ensure that wrong payments are not done
All steps except invoice capture are rule-based processes. However, invoice capture relies on machine learning to extract the data in the invoice. For more, please read our Folding Bag Ultralight Casual Sports Backpack Outdoor Climbing Storage Backpack,3.