Invoice processing is a business function that involves managing all incoming invoices from receipt to payment. This is mainly carried by the accounts payable department within a company. It refers to handling supplier invoice from receipt to payment. This whole process can be automated through the software application; thus, it is also called automated invoice processing.
Invoice processing software is designed to manage receipt processing sequence end-to-end. This software collects data from invoices and transfers it into the accounts payable system. With the help of this software, it is faster and more secured than the manual.
The automated invoice process uses the software application to automatically performing actions in the payment lifecycle. It involves certain steps, from receiving an invoice to paying it. Let us discuss how AP automation solutions are enabling accounts payable departments to keep the current workflow and how AP technology is streamlining the invoice process:
An established invoice processing workflow will make the accounts payable department work efficiently. This will help in gathering accurate information on accounts payable, producing a correct balance sheet.
Automated invoice processing software is mainly used by the accounts payable department for streamlining billing procedure, having more control over internal processing functions with a tracking facility, and this also improves the speed at which vendor invoices are processed. An automated invoice processing system help team automate the capture, coding, and sending of a bill for approval, in addition to assigning approvers and further pushing the invoices into the financial system for payment.
Hermes is one of the best-automated invoice processing software which provides better financial health to your business. This is designed to streamline the accounts payable process and deal with large backlogs and losses. This software improves performance and removes the possibility of manual errors with the help of cutting-edge technologies.