Invoice Processing

Invoice processing can be costly and cumbersome if the handling is carried out manually. But with a software system for automated invoice processing, costs and payment cycles can be reduced dramatically.

Automated invoice processing is becoming standard among efficient and cost-conscious organizations around the world. Thousands of companies already use ReadSoft's invoice processing software to reduce costs and increase speed in the AP department.

Go green

An automation system for invoice processing will not only cut down on costs and handling time, it will also spare the environment by using less paper and transports.

Invoice processing automation - How it works

Automated invoice processing starts with handling the incoming invoice. If it is a paper invoice, the system turns it into a digital image (scanning) and automatically extracts information from it. If it is an electronic invoice, it is directly imported into the system.

The invoice processing software thereafter matches the extracted information against a purchase order. If there is a complete match between the purchase order and the invoice, it is posted for payment automatically. If no purchase order exists, it is routed to the correct person for cost allocation and further handling.

The invoice processing cycle can be followed and tracked giving you full control over costs, bottlenecks, or other problems that may occur. This will provide you with a complete audit trail to support compliance with legislation such as the Sarbanes Oxley act (SOX)

Invoice processing automation - the benefits

• Invoice processing automation is more cost effective than manual handling.

• Invoice processing automation is faster than manual handling.

• Invoice processing automation will give you better control over your invoice processing procedure.

• Invoice processing automation will enable you to take advantage of early payment discounts and avoid costs for late payment penalties.

Invoice Processing software improves accuracy and efficiency in handling invoices. It makes it possible for invoice processing to achieve a fully automatic invoice flow. The software captures all of your invoices, on paper or in electronic form, interprets each invoice and identifies requisite information. It then transfers this data into your financial business system.

Invoice processing is done by using OCR and ICR recognition technology, the system accurately captures all critical invoice data: vendor ID, date, line item and total amounts etc. Financial data is available much faster, accounts are resolved with minimal human interaction and the entire invoicing process becomes a streamlined operation. Not to mention the savings in invoice processing costs!

Your accounts payable staff will experience drastic improvements in their daily routines in invoice processing. The time required to process paper invoices will be reduced, as well as the time spent on correcting data errors. You don't have to turn to an expensive invoice processing service to handle your invoices efficiently - the invoice scanning software will take care of the job for you.