These steps are fairly standard practices.
Routing invoices to a manager or senior executive for approval.Resolving any irregularities (e.g., mismatched PO numbers, incorrect line items, etc.).Matching invoices against a purchase order (PO).In order to prevent instances of fraud (and maintain accurate records), the accounts payable process typically involves the following steps: These schemes can have devastating financial impacts on any company. Paying an invoice isn’t as simple as writing a check.Īccounts payable is a prime target for scammers who may set up shell companies and send invoices that appear legitimate - a billing scheme that cost Google and Facebook more than $100 million. It helps you speed up invoice approvals, minimize errors, and reduce processing costs. 3 Steps to Implement an Automated Invoice Processing SolutionĪutomated invoice processing is the use of software to process invoices for accounts payable and update the information in your Enterprise Resource Planning (ERP) system.How Automated Invoice Processing Improves Invoice Management.We’ll also cover how you can create a fully automated accounts payable process using frevvo’s invoice approval software.Ĭlick the links below to jump straight to the section you want to learn more about: In this article, we’ll look at what automated invoice processing is and how it can help you improve invoice management. So how can you manage your invoices better and prevent costly errors? And how can you increase visibility across the entire accounts payable process?īy implementing an automated invoice processing solution. Manual processes can lead to issues like missing invoices, delayed payments, and even instances of fraud - all of which can hurt your bottom line and damage relationships with your vendors. But as you start to scale, using spreadsheets and other manual methods just isn’t practical in the long run.
Processing invoices manually is manageable in the early stages of a business.
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