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Invoice Processing: Understanding the Basics

Posted 17th December 2009.

Invoice processing is the handling of all kinds of invoices from their initial arrival to their posting.

Technological evolution and the current financial climate means that many companies are now seeking to cut out the middle man and administration work. Invoice processing is an innovative way to reduce costs, whilst increasing efficiency and in turn, improving business relationships.

The time it takes for an invoice to arrive with an organisation to eventually being processed is significantly reduced with this electronic method. This form of accounts payable automation helps to automate the people and paper-based processing invoices that sit waiting for approval to enter the accounts system. The swift and accurate processing of payments is a vital ingredient in reducing outgoings as well as the potential to leverage early payment discounts.

By decreasing the cost, time and effort required to process invoices using the automated invoice processing approach, companies are able to engineer an uninterrupted communication network with suppliers.

How else can the automation of invoice processing benefit any host of businesses?

Cash flow management With dynamic invoice data available on a daily basis, you can clearly see your payables liabilities and make informed cash flow decisions that can improve the stability of your company.

Staff efficiency Invoices are processed within hours of receipt, so staff can spend more time on value-added tasks and enjoy immediate reporting

Improved vendor relations – Vendors greatly appreciate payment to terms with no need to chase, and paying on time (or before time) could allow you to negotiate better deals. Early settlement discounts of 2.5% can translate into significant annual cost savings for your business.

Avoid the drama of double payments, lost invoices and transparency along the entire invoice process with a computer-automated system that eliminates vast amounts of process cycles and eliminates basic day-to-day errors.

http://www.topimagesystems.com deliver automated document capture solutions to more than 40 countries through a network of distributors, integrated systems, value-added resellers & partners. TIS operates with leaders in their field including SAP, IBM, Accenture, Atos Origin, Xerox, CACI, Kodak, Fujitsu & Unisys