What to Expect from High-Quality Invoice Management Software
Are you planning to invest in invoice management software? More and more businesses are investing in this technology, and it’s about time you did, too. Here are the basics you need to know about this solution.
What you should expect from the best invoice management software programs
No matter how hard you try to avoid them, errors are inevitable in manual invoice processing. Humans tend to make mistakes especially once they start feeling tired and stressed. Even the most organized and experienced accounts payable (AP) departments need a little help from technology to make their work easier.
Automated invoice management systems can help increase your team’s efficiency while reducing the risk of errors. These programs are designed to process large volumes of invoices, boasting the following features:
- Artificial intelligence
Artificial intelligence is becoming technology’s most valuable player. It is designed to “think” like a human regarding reasoning, learning, planning, and creativity.
AI is used in almost every industry these days, from online shopping to cybersecurity. In invoice processing, this technology extracts key values, cross-checks information, and uploads data to your system. When used properly AI can boost employee productivity by 65% while saving you 90% in the costs of AP processing.
- Optical character recognition
Another technology used extensively by invoice management systems is optical character recognition or OCR. This is slightly more specialized than AI and works by recognizing text directly from printed or handwritten documents. For example, you can use OCR to scan receipts and extract their information digitally.
With OCR, your AP processing time can be reduced by up to ten days. In addition, you can configure the system to check entries against a master file, reducing errors and operational risks.
- Cloud-based processing
Top invoice management software programs are also based in the cloud. This means you can access your data anytime and anywhere without the need for on-site infrastructure. Plus, cloud-based processing is typically more transparent, allowing you to assign authorized users to protect your data.
Are you searching for the best invoice management programs for your organization? Make sure to connect with experienced, reliable providers offering cutting-edge technology.