Processing supplier invoices is a task that has to be done in most businesses, but few companies are aware of what the costs of invoice processing actually are. Research has shown that the standard end to end costs of invoice processing can range from 4 to 50 per invoice.

Companies can make significant cost savings by switching to automated invoice processing. For example an organisation processing 50,000 invoices per annum at an average of 4 per invoice could save around 100,000 every year
What can automated invoice processing help with?

Invoice processing software includes the following functions:

Invoice scanning
Automatic import of EDI invoices
Automated extraction of header and line items
Automated matching with PO and optional GRNs
Validation of data with your ERP database
Automated or manual 'single/multi-person' normal coding
Automated route and approval workflow over the web
Automated final posting to ERP system
Automated archive of invoices
Fully automated compliance with various tax requirements
Management console and reporting at any time

Benefits of Automated Invoice Processing

Automated invoice processing could bring the following benefits for your business:

Youll have a better overview of the whole invoice process
Youll be able to track every transaction easily
Manual errors will be greatly reduced and accuracy will be improved
It will be easier to comply with financial regulations
Youll be able to handle queries more quickly and efficiently
Your ability to claim early payment discounts will be improved
Processing costs will be reduced
You wont have the problem of bottlenecks and delays
Therell be less paper to store