Invoice Automation is an application area focusing on the error free and effortless management of purchase invoices. Increasingly organizations are targeting to minimize the manual workload involved in the invoice management process by matching the invoices with purchase orders. This ensures that all invoices are in line with the corporate policies for purchasing and accounts payable.
For corporations with international footprints or decentralized business structures, an invoice management solution will also support the use of group-wide and harmonised processes. This ultimately increases process transparency and mitigates risks for external and internal fraud.
Future of Invoice Automation Software
In the future, new technologies like supplier collaboration and machine learning are expected to further develop the purchase invoice management process. This development occurs by replacing some of the traditional matching engines with the usage of algorithms and improved tools for managing deviations in cooperation with the suppliers. For that purpose, the future invoice automation packages will offer a wide variety of supplier communication functionality from reclamations to calls activating suppliers to various campaigns like e-invoicing, supply chain financing or even for early payment discount schemes.
White Paper: 5 Key Points for Successful Invoice Automation