Invoice Processing

Data Capture Technology

Frequently Asked Questions

• Why Storetec?

  We pride ourselves on our certified approach, conducting regular audits to meet ISO, BS10008, and Cyber Essentials Plus requirements. Our experienced team, with a solution-focused culture, ensure the best outcomes for our clients. Our state-of-the-art facilities and cutting-edge equipment enable tailored, efficient solutions. These combined have earned us the title of BPO/Outsourcing/Bureau Business of the Year at the Document Manager Awards for the past nine years, showcasing our dedication to excellence.

• What is invoice processing?

  Invoice processing is the entire workflow of receiving, verifying, and paying invoices from suppliers or vendors. It includes tasks like data entry, validation, approval, and payment.

• Why is invoice processing important?

  Effective invoice processing helps organisations ensure accurate and timely payments to suppliers, avoid late payment penalties, and maintain good relationships with vendors. It also streamlines financial operations and reduces the risk of errors or fraud.

• What is the typical invoice processing workflow?

  The typical invoice processing workflow includes the following steps:
  – Invoice receipt
  – Data entry
  – Invoice validation
  – Approval workflow
  – Payment processing
  – Archiving and record-keeping

• What is invoice approval workflow?

  An invoice approval workflow is a structured process for reviewing and approving invoices before payment. It typically involves routing invoices to relevant individuals or departments for approval based on predefined rules and hierarchies.

• How can I measure the efficiency of my invoice processing system?

  Key performance indicators (KPIs) for measuring efficiency include the time it takes to process an invoice, the cost per invoice processed, the accuracy of data entry, and the number of invoice disputes or exceptions.

• How to automate invoice processing?

  Some ways we can help you automate your invoice processing are:
  • Use OCR software to extract data from invoices.
  • Implement validation rules and verify data accuracy.
  • Set up automated approval workflows.
  • Integrate with accounting systems for seamless data transfer.
  • Develop protocols for handling exceptions.
  • Maintain audit trails for compliance.

• How long to keep accounts payable invoices?

  The retention period for accounts payable invoices can vary depending on legal and regulatory requirements, as well as internal policies.