Reduce your Document Processing cost by 60%

   Document processing involves the systematic handling and verification of invoices received by a company. The process typically includes the following steps:

   – Receipt: Documents are received from suppliers or vendors.

   – Verification: Documents are checked for accuracy, ensuring they match the corresponding purchase orders or contracts.

   – Approval: Documents go through an approval process, often involving multiple stakeholders or departments.

   – Recording: Approved documents are recorded in the company’s accounting system for payment.

   – Payment: Payments are made to suppliers based on the recorded and approved documents or invoices.

document processing refers to the series of steps a company takes to handle and manage incoming documents. This encompasses tasks such as receiving, validating, approving, recording, and ultimately paying invoices. Efficient document processing is crucial for accurate financial management, cost control, and maintaining positive relationships with suppliers.

There are various advantages to using document processing automation software, including enhanced efficiency, decreased errors, faster processing times, improved visibility into the invoice lifecycle, and better compliance with financial regulations. It eliminates human data entry, reduces the possibility of duplicate payments, and improves cash flow management.

 – document Scanning and Data Capture:Utilize software to automatically extract relevant data from paper or electronic invoices, reducing manual data entry.

   – Workflow Automation: Implement workflow automation tools to route invoices through the approval process, ensuring a seamless and timely review by relevant stakeholders.

   – Integration with ERP Systems: Integrate invoice processing software with Enterprise Resource Planning (ERP) systems for real-time data synchronization and accurate financial reporting.

   – Electronic Invoicing (e-Invoicing): Encourage or require suppliers to submit electronic invoices, facilitating faster processing and reducing the likelihood of errors.

   – Machine Learning and AI: Employ advanced technologies like machine learning and artificial intelligence to enhance accuracy, identify anomalies, and continuously improve the efficiency of the invoice processing system.

   – Digital Approval Workflows: Implement digital approval workflows to reduce the time and effort required for manual approval processes.

   – Supplier Portals: Establish online portals where suppliers can submit and track invoices, fostering transparency and collaboration.

Yes, credible document processing automation software suppliers place a premium on security and compliance. They use strong security measures to safeguard sensitive financial data and follow industry standards and regulations such as GDPR and HIPAA. Access restrictions, encryption, and audit trails are also routinely used to maintain data integrity and privacy.