Invoice processing is a crucial task in your business irrespective of whether you are a B2C or a B2B. If your invoice amount is not correct, then you may lose customers. It is very important to measure issues like volume of invoices very month, the time taken to process them, the people involved and other similar issues to assure a high customer satisfaction score.
Most organizations have clear instructions regarding processing incoming invoices. Different sets of instructions are commonly found in most organizations regarding the handling of purchase order invoices or non-purchase order invoices. The main department that processes invoices is known as accounts payable department. The process involving a supplier invoice is also known as purchase-to-pay.
Invoice processing software improves accuracy and efficiency in handling invoices. It makes it possible for invoice processing to achieve a fully automatic invoice flow. The software captures all of your invoices, on paper or in electronic form, interprets each invoice and identifies requisite information. It then transfers this data into your financial business system.
Types of Invoice Processing
Purchase Invoice Processing
Accounts department in any organization receive Purchase Invoices from a number of sources, by email, Fax and Post. It can capture and add the relevant information to your financial software for up to date Purchase Ledger Control and Maintenance. For Eg:-Some of the details that it can input;
¨ Suppliers Name
¨ Suppliers Code
¨ Purchase Order Number
¨ Invoice Number
¨ Invoice Date
¨ Invoice Currency
¨ Item(s) description, quantity and unit cost
¨ Amount Sub Total
¨ VAT Amount
¨ Total Amount (Including VAT)
Sales Invoice Processing
In case Sales Invoices are not automatically added to your Accounting Software, It can enter this information to your Financial Software which will allow you to monitor and maintain your Sales Control Ledger.
Invoice processing is done by using OCR and ICR recognition technology, the system accurately captures all critical invoice data: vendor ID, date, line item and total amounts etc. Financial data is available much faster, accounts are resolved with minimal human interaction and the entire invoicing process becomes a streamlined operation. Not to mention the savings in invoice processing costs!
Get touch with TransVisionary Solutions for Invoice Processing Services
