Automated invoice processing: speeding up financial processes


Emma Venema

Onderwerp Blog
Gepubliceerd op

June 12, 2024

In the world of financial management, time is invaluable. Every second counts when it comes to processing invoices and managing financial processes. Fortunately, automated invoice processing offers an innovative solution to improve the speed and precision of these processes. In this blog, we dive deeper into how automated invoice processing is revolutionizing finance and helping organizations operate more efficiently than ever before.

Most companies face the challenge of constantly improving and accelerating their processes. One revolutionary approach that is becoming increasingly popular is automatic document review. This includes automatic invoice processing. Companies are shaping the future of business operations with efficiency, speed and accuracy by moving toward automated document review. Find out how EntrD’s FileFactory can help with this. Download the FileFactory brochure below and request a demo to learn more!

The challenge of manual invoice processing

Manual invoice processing can be a time-consuming and error-prone process. It requires human intervention at every step, from receiving and scanning invoices to processing and approving payments. This reliance on manual operations can lead to delays, errors and inefficiencies in the financial process.

How does automatic invoice processing work?

Digital Input

With automated invoice processing, invoices are received digitally and entered into an automated system. This can be done via email, uploading to an online platform or even through scanning technologies that convert paper invoices into digital files.

Data extraction

Advanced algorithms are used to extract important information from invoices, such as vendor information, invoice amounts and payment terms. This data is then automatically entered into the accounting system, eliminating manual data entry.

Workflow automation

In automated invoice processing, systems automatically forward invoices to the appropriate people for approval and payment, including workflow automation. This helps streamline the approval process and reduce payment delays.

Benefits of automated invoice processing

Implementing automated invoice processing offers several benefits to organizations:

Also read: Automated document review

A new standard in financial management

Automatic invoice processing marks a new standard in financial management, where speed, precision and efficiency come together to help organizations optimize their financial processes. ‘Accelerating financial processes with automated invoice processing’ is not just a description of a technology, but a celebration of progress that helps organizations achieve their financial goals in a faster and more accurate way than ever before.