Invoice Processing Software
Automate invoice processing to streamline workflows, boost efficiencies and get more visibility into spending.
Third-party and vendor payments can noticeably impact profitability. But many enterprises choose to still manage their AP processes with time-consuming and inefficient manual tasks.
With invoice automation, you can say goodbye to the problems that come with paper invoices – while still matching existing approval workflows.
5 Easy Invoice Processing Steps
Automating invoice processing saves your accounting team the workload of capturing data and integrating invoices into your systems. For paper or electronic invoice processing, software reads your invoices and extracts the header and line-item data you need.
Invoices are typically saved in PDF format with full text OCR performed. All data is validated according to your business rules, including mathematical validations. Then, extracted data is attached as metadata. The extracted data is formatted for your unique accounting, workflow, or document management system requirements.
Here are the steps in invoice processing:
Receive invoices by U.S. mail, fax, or email
Invoices are scanned or input for processing
All relevant information is extracted
Questionable results or errors are verified for accuracy
Invoice data is embedded and put into workflows
Virtually Eliminate Manual Touch Points and Delays with Invoice Processing Software
When you combine powerful AP automation software with A.I. and human verification, you get quicker access to invoice data than with traditional manual processes.
Connect with your accounting, email, and cloud providers for seamless data transfers.
Export digital invoices with auto-naming and metadata into workflows and content management systems.
Apply pre-defined vendor lookups, business rules, and mathematical validations.
Flag inconsistencies like missing data or mathematical validation for rapid human review.
Fully scalable high-volume invoice processing to meet growing demand.
Capture More Invoice Data
Envelope, header, and line-item extraction captures critical data.
Invoice Processing Software that Put You in Control
Four Reasons to Choose Grooper Invoice Processing Software
We’re often asked – why choose Grooper? It’s a great question we’re happy to answer!
Process hundreds or thousands of vendor invoices.
Grooper is an intelligent document processing software platform. Easily onboard new vendors without expensive professional services.
Don’t allow software to bottleneck your growth.
Processes more than just invoices.
Do you also need to process bills of lading, human resources documents, contracts, or any other documents?
Conquer all document data integration with a single intelligent platform.
Software as unique as your AP processes.
Your accounts payable processes and requirements are unique to your organization.
You get to decide how workflows operate and what data is important.
Local or cloud.
You will own your Grooper environment. Whether you run the software locally or in the cloud, your data is always 100% yours.
Maintain full control over your documents and data to get better outcomes faster.
Ready to Free Your AP with Grooper?
FAQs about Invoice Processing Software
What is Invoice Processing Software?
Invoice processing software helps enterprises automate manual work related to invoice approval and management.
When accounting departments or enterprises receive invoice documents, the approval process includes data being matched with purchase orders, payments and sales. But invoice processing software simplifies this process by using optical character recognition (OCR) to scan invoices and pull the data into the system. If there is a matching discrepancy, the invoice is flagged to await approval by a human operator.
What are the Benefits of Invoice Processing Software?
Automatically processing invoices has numerous advantages. Those advantages include:
– Greatly reduced errors. Massively reducing manual entry equals far fewer mistakes.
– Faster approval process as a result of faster processing times.
– Much easier to get early-payment discounts and prevent late payments
– Reduced operating costs. Employees are freed up to concentrate on higher-value tasks.
– Greatly cuts down on duplicate payments and invoices.
– Greater satisfaction. Employees have fewer painstaking, menial tasks and vendors have a more transparent invoice process.
– Substantially cuts the cost of manual invoice processing (paper, postage costs, etc).
How Does Invoice Processing Software Work?
Traditionally, the invoice processing workflow begins when an accounting department receives an invoice from a supplier. It is then matched against other data to ensure the amounts are correct and then approved. If the amount is particularly large, more approval may be required.
Then the invoice data needs to be entered into the accounting system where the invoice is posted for payment. Then a payment for that invoice is issued. This a time-consuming process that can involve up to 15 individual steps.
But invoice solutions streamline all of this. When invoices arrive, they are scanned and document images are imported into the system. This version of invoice capture immediately cuts hours out of manual data entry. This software will also convert scanned characters into electronic data for extraction into the management system. A text-searchable document can also be created.
While the invoice software can remember where the area where certain sits in a document, the software can also look all over the invoice. This includes data like purchase amount, quantity, supplier, etc. Invoices can be routed to certain personnel for review and approval.
“We use Grooper for a lot of accounting purposes, and for all the different types of invoices that we process. One of the reasons we like Grooper is that have one application built within Grooper for our whole accounting department. It contains seven different samples of the different kind of invoices we use, depending on if it’s a travel claim, or if it’s repaying a vendor, or something else. Grooper’s able to just recognize everything.”Ryan Freeman-Smith, Manger, Oklahoma Health Care Authority
Invoice Processing Blogs and Demos
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