Basic Functionalities of Invoice Automation Software
Are you planning to shift from manual invoicing to automated processes? That’s an excellent idea. Invoice automation software can significantly improve your bottom line. But if you’re unfamiliar with these systems, then it’s important to learn the basics. Here’s how invoice automation software work:
- Artificial intelligence (AI)
AI and machine learning are the core of every invoice automation program. These technologies are designed to record and verify your data, identifying potential issues.
For instance, automated systems can be programmed to run all day, identifying invoices automatically and extracting their data. Once they’ve verified the information according to your master file, the processed invoice will instantly be uploaded to your accounts payable ERP.
The result? Your AP processing time is reduced to less than a minute, saving up to 90% time.
- Optical character recognition (OCR)
OCR or text recognition is a technology that converts unstructured data into structured data. You can use it to pick up data from scanned invoices, reducing the need for manual input.
In addition, combining this with bots opens up more options for digitally archiving your files, such as attaching them to emails, compressing in ZIP files, and searching for specific information.
- Cloud-based storage
Invoice automation programs come in two forms: cloud-based and locally hosted. The former is growing more popular among businesses for its increased functionality. It allows you to access invoices anytime, anywhere. Moreover, cloud-based systems significantly enhance transparency, allowing you to authorize specific users based on their roles in the organization.
Do you use unintegrated software for invoice processing, accounting, and HR management? You no longer have to. Invoice automation software systems can integrate with a wide range of applications to streamline your operations. For instance, you can connect the software to SAP, Oracle Netsuite, Microsoft Dynamics 365, and many more!
Looking for the best invoice automation program for your organization? Consider requesting a software demo from top providers so you can decide which works best for your needs.