What is invoice management?
You can handle electronic invoices automatically with Acubiz
An automatic and digital workflow for your company’s invoice management can ensure efficient and accurate accounting.
What does the invoice flow look like?
Here’s an example:
Company X invoices Company Y for various goods they have purchased. Before Company Y can pay for the goods, the invoice must go through three main steps:
- Scanning and data extraction
- Integration with ERP/Accounting system
Learn more about the three steps below.
Scanning and data extraction
Integration with ERP/Accounting system
When the invoice data has been processed, entered or automated, and approved, it is ready for accounting. And it is thus ready to be exported to the ERP/accounting system.
This can be done by integrating the invoice management and accounting systems or through manual export and loading.
Manual or automatic?
The above process can be done manually or automatically. In manual invoice management, entry, accounting, and approval are done manually.
In automatic invoice management, scanning and data extraction are done with the help of advanced and exact AI technology. The workflow ensures the automatic enrichment of data from the invoice with approval tracking and expense accounting.
Often, this can be handled through a mobile app.
Finally, an integration will result in the accounting-ready data being exported to the accounting system.
Getting started with automatic invoice management
It is not a problem to find a solution for automatic invoice management, as many skilled providers are on the market.
A good piece of advice is to think one step ahead.
It makes sense to find an all-in-one solution that can also handle all the other employee expenses, such as travel expenses, that your employees may have.
Easy invoicing program for invoice scanning
Invoice scanning means that your invoice is automatically scanned upon receipt, after which the data is loaded and classified (also automatically).
An invoicing program allows you to easily and quickly create and send invoices with invoice scanning. This is a much faster process, saving a lot of time on manual work.
For example, the invoice is automatically scanned upon receipt in the Acubiz app, where data is also automatically sent for approval. The invoice is then sent for verification with the requester and approval.
After the invoice is approved, data is automatically transferred to your accounting system – ready for bookkeeping.
You can get more information here to learn more about invoice management using an invoicing program.
Do you want to know more?
Studies show that a full-time employee in the finance department can process 16 times as many expense invoices if handled digitally rather than manually. Other studies show that companies that automate their invoice management save an average of 84% of the associated cost.
You are welcome to contact us for advice or information on how we can help your company.