What Is Invoice Processing? (+ The 4 Benefits)

Invoice processing replaces the traditional method of manually handling and processing invoices with a technology-driven approach which ultimately relieves the burden from your accounts team, therefore saving money and driving efficiency.

It is the process of capturing data from invoices and either feeding it directly into your finance system or outputting it into a bespoke format to suit your needs. The solution aims to fully automate your accounts payable process, reducing the risk of error and saving time and resources.

How Does Invoice Processing Work?

You may be asking, how do Storetec capture specific data from your invoices? We use industry-leading Optical Character Recognition (OCR) technology to capture data from predetermined fields, such as name, date, invoice number, etc.

OCR is the recognition and conversion of typed or printed text into machine-encoded text. Put simply, it converts an image of text into actual electronic text that can be used freely in a digital format.

Captured data can then be transferred back to you via your preferred method, or Storetec can feed this data directly into your finance system, such as Sage, Oracle, or Pegasus.

Challenges of Invoice Processing

Managing invoices manually poses several challenges, including:

Human Error: Traditional methods are prone to errors such as overpayments and duplicate entries.

Time-Consuming: Manually sorting and processing invoices is labour-intensive and time-consuming.

Dependency on Physical Documents: Handling hardcopy invoices requires physical presence, limiting remote work options.

Delayed Processes: Manual processing can lead to delays in payments to suppliers and report generation.

Benefits of Automated Invoice Processing

1.      Streamlined process

Storetec will handle the everyday task of sorting and processing your invoices and importing the data into your company’s financial system. This means you can make payments to suppliers and generate reports without delay.

2.      Improved accuracy

By leveraging OCR technology, the risk of human error, such as overpayments, or duplicating invoices, is significantly reduced. In addition, because the process is fully automated and systematically validated, you can have confidence that financial reports and statements are accurate.

3.      Save time

Automation frees up employees’ time by eliminating manual tasks, allowing them to focus on more strategic activities.

4.      Remote working

With Storetec’s solution, invoice processing becomes accessible remotely, enabling employees to work from anywhere while ensuring data security and availability 24/7.

Conclusion

Elevate your accounts payable process to new heights with Storetec’s automated invoice processing solution. Say goodbye to manual handling and hello to streamlined efficiency, enhanced accuracy, and the freedom of remote accessibility. Contact our experts today to unlock the full potential of your invoice processing workflow.