Purchase Invoice Automation and Invoice Processing Software

By: Version One  05/12/2011
Keywords: cash flow, accounts payable, invoice processing

Version One's technology can streamline your purchase invoice processes and eliminate the need for time-consuming and error-prone paper-based accounts payable methods using invoice processing software.

Eliminate manual invoice processing

One of the most protracted and costly processes within any organisation, is the manual processing of purchase invoices. Inputting purchase invoice data into the accounting system, validating the data, authorising the invoice and then archiving a copy invoice are all extremely time-consuming when done manually. Delays in executing these processes can be even more costly for an organisation, often resulting in reduced supplier discounts and/or severe late payment penalties.

Using OCR (Optical Character Recognition) Technology

With Version One's systems, sophisticated OCR technology is used to automatically capture invoice data. This is then extracted and validated before the data is exported into the accounts system and the corresponding image is archived.

Using Version One's workflow system, invoices are then sent electronically around the organisation for approval and/or coding. Business rules can be built into the authorisation process (e.g. based on supplier, value or cost centre etc.) so the system knows which authoriser to send the invoice to. When an invoice is given final approval, it can be sent back to accounts payable staff or the data can be used to automatically update the status in the accounting system.

Key benefits of Purchase Invoice Automation:

  • Reduce data entry costs by over 50%
  • Eliminate data entry errors
  • Maximise settlement discounts
  • Minimise late payment penalties
  • Eliminate lost invoices
  • Improve cash flow

Keywords: accounts payable, cash flow, invoice processing

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