Invoice processing by definition is a business function performed by the accounts payable department. It consists of a series of steps for managing vendor or supplier invoices from receipt to payment, and recorded in the general ledger.
Up to date, over 90% of invoices are still processed manually, following these steps:
☑️Capture, general ledger (GL) code, and match supporting documents such as a purchase order and/or delivery receipt
☑️Send invoices to authorized approvers to approve or reject invoices
☑️Authorize and submit invoices for payment in a financial system
☑️Process invoices for payment via common payment methods such as check, ACH, or wire transfer
☑️Archive invoices and payment information in the GL and for audit purposes
Now imagine, you can automate all of these steps – and process invoices in 30 seconds (that is 6 times faster than if a human does it!).🙌💪
Image credits: Header- & Featured image by Racool_studio on Freepik
Share:
You are currently viewing a placeholder content from Facebook. To access the actual content, click the button below. Please note that doing so will share data with third-party providers.
More InformationYou are currently viewing a placeholder content from Instagram. To access the actual content, click the button below. Please note that doing so will share data with third-party providers.
More InformationYou are currently viewing a placeholder content from X. To access the actual content, click the button below. Please note that doing so will share data with third-party providers.
More Information
