Invoice Approval Automation

What is an automated invoice approval system?

Invoice Approval Workflows Are Made Up of These Steps:

1. Receive Invoice

The company has received an invoice from a vendor or supplier from any source, including e-mail, FTP upload, Forms, EDI, or a supplier portal. Wherever it is required, the invoice is automatically retrieved (i.e, email or FTP).

2. Extract Data

The document is processed using AI-Powered OCR, which extracts content from structured or unstructured documents.

3. Verify the Invoice

The extracted data is then sent to a pre-built three-way matching component, which performs three-way matching with the purchase order, goods receipt note, and invoice.

4. Exceptions/Irregularities

Price disparities and missing information, such as a PO number, are examples of exceptions. If an invoice is flagged, the parties who received it are contacted to address and rectify any issues before the invoice is resent through the approval workflow.

5. Invoice Approved

After the exceptions are cleared, the invoice is automatically approved and sent for payment processing.

Automating Your Invoice Approval Workflows Offers a Number of Benefits.

Save Time and Eliminate Errors

Instead of spending time on the phone or sending emails, allow Finance professionals to focus on analyzing expenditure for efficiency gains.

Losing Track of Invoices

Because all invoices are processed through automated workflows, users will never have to worry about missing them again.

Faster Approvals

With automated notifications and reminders, you can virtually eliminate bottlenecks caused by invoice approvals going unnoticed.

Early Settlement Discounts & Better Supplier Relations

By automating the invoice approval process, businesses can reduce late payments and take advantage of early payment discounts. This can help businesses build stronger relationships with suppliers, which could lead to better deals in the future.

How to Automate Invoice Approval Process

Automate the Invoice Approval Process in just 2 steps



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