Supplier Invoice Processing Software
Accounts Payable Invoice Scanning Software
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DocuWare process incoming invoices Digitize, automate and securely archive incoming invoices.
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Verifying the accuracy of invoices
The verification ensures the invoice is booked in a timely manner and approved by an authorized employee or multiple employees in different departments.
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Taxes, fees and totals
Ensure the invoice amounts are correctly stated and calculated, including the correct tax rates, tax amounts and any other fees listed. The total amount and all other calculations are checked here as well, including entering the general ledger coding and the appropriate accounting period. In most cases, accounts payable also handles these tasks. |
Order verification
Content verification is tasked with determining whether the product being billed was the one actually ordered and received. The number of items, quality and the agreed price are also checked at this point. These tasks are usually handled by clerks in the accounts payable department, receiving department, or in purchasing. |
Fraud detection
Invoices are therefore subject to a factual, technical and formal review before they are approved, posted and then paid. To realize leaps forward in efficiency, companies should optimize invoice verification as part of their accounting activity whenever possible. |
Advantages of digital invoice processing
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Rapid and automated invoice processing increases trust with suppliers. This automatically improves your reputation with suppliers since invoices are paid faster and more reliably.
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All process steps are tracked and transparent to supervisors and authorized employees. Automated processes can compensate for employees who are absent due to illness or vacation.
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Doing away with paper copies and paper printouts provides massive cost savings, as well as practical benefits such as reclaiming office space from filing cabinets and unnecessary printers.
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Filing is easier since no paper folders are necessary. Office material is saved, and archiving is easier since it is completely digital. With automation, digital organization happens automatically – you set the rules, and then invoices and other documents are instantly stored in the correct manner.
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Process of DocuWare's digital invoice
DocuWare digitizes and automates every step of the incoming invoice process.
Intelligent indexing captures incoming documents and automatically applies critical index data. Workflows then route invoices through an automatic approval queue, or to the right people for approvals. Invoices are then securely archived and prepared for future audits. Finally, transaction information in the form of a CSV file can be uploaded into ERP and other finance applications to ensure all information is synchronized.
Benefits:
Intelligent indexing captures incoming documents and automatically applies critical index data. Workflows then route invoices through an automatic approval queue, or to the right people for approvals. Invoices are then securely archived and prepared for future audits. Finally, transaction information in the form of a CSV file can be uploaded into ERP and other finance applications to ensure all information is synchronized.
Benefits:
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Faster payments
The workflows for electronic invoice processing also transmit all important information for further processing directly to an accounting program to ensure speedy payment without delays. Discount deadlines can be easily met, and repetitive reminders become a problem of the past. |
More productive staff
And because of this automation, accounting staff can reach decisions significantly faster to open more time for strategic tasks such as liquidity planning or controlling. Daily responsibilities transition from manual tasks and data entry to monitoring automated processes, handling exceptions, and focusing on strategic planning. |
Security and data integrity
Since sensitive documents arrive in accounting day in and day out, the security, reliability and integrity of digital systems are very important. Rights management, virus scanners, audit trails, data encryption and information accuracy are foundational to digital processes. |
Auditing prep and delivery
Thanks to intelligent archiving, all required data – or just the data you need – can be transmitted to auditors quickly and completely electronically in real time. In the event of questions about an invoice process, a quick look at the digital archive provides complete transparency of the workflow data. Even short audit deadlines are no problem. And if you have integrated with your financial application, invoices can be accessed directly from there as well. |
Legal compliance
In addition, DocuWare archives documents in a legal, compliant manner to comply with Federal and State laws and regulations regarding invoice archiving. Digital processes can be easily adapted to audit and accounting standards. Digitized accounting practices does not only save time and money, but also increase process quality and data security. |
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