Invoice Processing

Automated invoice processing simplifies accounting processes by transitioning from error-prone manual data entry on paper to a more efficient digital approach. The automation software should extract invoice information and populate it into an accounts payable or ERP system.

Traditional invoice processing, which involves receiving an invoice, manually matching it against a purchase order, entering it into a finance system, coding it, and then paying it, is time-consuming – especially if issues arise along the way.

In cases where no purchase order exists or the amounts don’t match, employees must spend time investigating, which takes them away from their desks. However, these issues can be identified more quickly with invoice processing software.

Automating the invoice process allows organisations to capture, sort, index, and store invoices received in any format, including scanned paper, email, and mobile capture. Implementing this structured process from the beginning ensures that only accurate data enters the finance system, thus reducing errors and saving time.

Automated invoice processing is super important for organisations for many reasons. Manual processing can be a real pain and take up a lot of time, which can cause all sorts of issues. That’s why automating the process can bring a bunch of great benefits for your organisation, such as:

1. Increased efficiency: Automation lets you handle a large number of invoices quickly and accurately, which can save you time and money.
2. Reduced errors: Coolnology like Optical Character Recognition (OCR) can help cut dreduce mistakes inal data entry.
3. Improved overview: With automation, you can see exactly what’s going on with your invoices and who needs to give them the thumbs up in real time.
4. Improved compliance: Storing invoices digitally makes it easy to find them when needed and keeps you in compliance with financial reporting rules.
5. Faster approval and payment: Automation can speed up the whole process, which means less waiting around and happier vendors.
6. Detection and prevention of fraud: Automation systems can be clever and catch any sneaky business with invoices using nifty tech and smart algorithms.
7. Cost-effectiveness: Automation can save you money and make things run smoother in the long run.

These benefits show why automated invoice processing is a smart move for your organisation!

DocHorizon makes invoice processing a breeze. It minimises manual effort and seamlessly integrates with your ERP or accounting system. With DocHorizon, your financial team will love being able to:

• Submit invoices easily via email, mobile app, or web environment, even in bulk!
• Extract data using AI-driven technology to recognise all necessary invoice info, such as invoice number and total sum.
• Set up smart approval processes and prevent fraud with built-in analysis to detect fraudulent and duplicate invoices.
• Integrate with a wide variety of ERP and accounting software, like NetSuite, SAP, Xero, and more.
• Access and retrieve documents easily through a dedicated cloud environment, ensuring your invoice files are stored for 10 years.

DocHorizon can extract the following fields from an invoice:

• Type of the document
• Invoice number
• Language on the invoice
• Country of origin
• Name of the merchant
• Address details of the merchant
• Contact details of the merchant
• Website of the merchant
• Details of the client
• Method of payment
• VAT amounts and the total amount
• VAT number
• Amount of change
• Card number
• The currency and the total amount
• Purchasing date
• Purchase order number
• Due date
• Delivery date
• Chamber of commerce number
• Line item prices, quantity, description, and category