Invoice Imaging and Workflow
Invoice imaging and workflow is the process by which invoices are scanned and transported for payment within an organization. This process is usually performed by software packages that take over invoices from the time they are scanned until they are paid, thereby governing invoice handling as they pass through the entire invoice processing workflow in an organization. Invoice imaging and workflow management software can be integrated and used with other software packages such as enterprise resource planning ones, or they can be used within such packages. In both these cases, this software routes invoices through the entire invoice lifecycle, checking and matching invoices with purchase orders available in ERP databases. Invoice imaging and workflow software also handles the movement of invoices to different people and different departments within an organization for approval. Using such software people in the accounts payable department can even track each invoice as it is processed and view its progress via a common web based interface.
How Invoice Imaging and Workflow Software Works
When invoice imaging and workflow software is used, invoices never have to exist in paper form as they can be transformed into electronic documents as soon as they are scanned. Once scanned, invoice data is captured with the aid of OCR technologies. This invoice data such as invoice number, invoice amount, invoice date and vendor name are then used to match the invoice with the relevant purchase order present in an ERP database. This information is then routed to the ERP system by the invoice imaging and workflow software where further invoice processing and payment can be done. With such software a seamless invoice processing workflow can be built, maintained and scaled up when needed to handle processing for large numbers of invoices.
How Does Invoice Imaging and Workflow Software Help?
Invoice imaging and workflow software help by reducing the time taken to process invoices. It does so by converting the invoice processing workflow from one that is heavily reliant on manual labor to one that is fully automated. There are many cost savings that arise from the use of this software and they result from reduced reliance on manual data entry and reduced late fees.