What is Invoice Processing?
All organizations, during the course of their business, receive goods and services from their vendors, against which they also receive invoices. Most of these are paper invoices and need to be scanned and converted into editable formats before they can be processed for payment by the accounts department. If the organization has a functioning ERP suite, then the processing of the invoice is largely automated; otherwise the processing must be done manually by individual employees. In the latter case, invoice processing software can greatly speed up the processing time as well as reduce human errors, thus expediting the accounting process.
Features of Best Invoice Processing Software
The best Invoice processing software frequently come with character or mark recognition in order to convert document images directly into editable documents or excels spreadsheets. They can also be integrated relatively easily into existing accounting packages so that account reconciliations with different vendors and service providers become much easier. This enables the accounts department to clear the bills quickly and take advantage of discounts or other vendor loyalty programs. Such software also provides hierarchical access to employees, so that an accounts executive can verify the invoice and then pass it on to his supervisor for authorization.
Advantages of Invoice Processing Software
The best invoice processing software can be first installed as shareware, allowing the accounts department to review its features and assess its suitability for the organization. Once they are satisfied, the full software suite can be deployed across all the computers in the department, and the software developers provide training session for the employees so that they can become adept at using all the features. The developers also provide regular support and up gradation so that changes in tax laws, services etc. can be implemented smoothly, and the organization remains compliant with all financial requirements.