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How to build an Automated Invoice Processing System

If you’re looking for a way to process payments, you’re probably tired of looking for it on various websites. Searching for the right way to build an invoice management system is as daunting as the process itself. Managing invoice includes handling all the paper invoices, scanned papers, documents, and emails from customers and clients.

The volumes of papers and files generated can be humongous. It becomes hectic for someone in charge of the invoice management system. Traditionally, people used to enter data manually, which was a painstakingly slow process. It is tiresome and also prone to errors.

Therefore, you need an automated invoice processing software to help you manage the payments easily.

Here’s how you can build an automated invoice processing system

Before knowing more about mechanical invoice processing systems, you need to understand what the different types of invoice processing software are.

There are mainly two types of accounts payable automation software, which are:

Rule-based automation software

Examples include Kofax and Abby. It has rules or mapping that will help you track the order invoice in a better way. This is an outdated system as most companies don’t rely on it.

Intelligent automation software

Examples include Rossum. It is the best software type and helps you extract the most accurate information with ease.

Now, building an automated system requires more than just software. Even if you have the right accounts payable automation software, you need to follow a step-wise process to make sure that you are not omitting any information. Here are some necessary steps for building an efficient automated invoice processing system.

First, digital images are taken. Scanned photos are better in clarity and quality.

The image needs to be adequately verified for mismatches. Further editing is done to make all the details visible.

The logos and signatures are checked for possible fraudulent activities.

Texts in the images are traced and extracted to be turned into the right format.

All the data is transcribed into tables and spreadsheets for better accessibility.

Automated invoice processing systems have made the jobs of many companies easier. They’re a boon for customers too as they can get any information within a short time.