Automate invoice processing is the handling of incoming invoices from arrival to payment. There are two types of invoices; invoices associated with a company’s internal request or purchase order or invoices that do not have a linked request.
Types of invoices are pro forma invoice, interim invoice, final invoice, past due invoice, recurring invoice, and credit memo. The benefits of invoice processing are time savings, accurate and streamlined processing, easy access, better insight and transparency, and customized solutions.
For invoice automation to succeed, several steps will help, such as analyzing current processes, centralizing invoice management, automate, enable supplier self-service, proactively request early payment discounts, and incrementally automate invoice capture.
To conclude, find out more about invoice processing, your business, and the benefits it offers from an accountant. With the many benefits it provides, it makes sense to check it out.
