Automating Invoice Processing

Invoice processing is the act of the accounting and/or finance departments handling invoices; receipt to approve and payment. This procedure requires an accountant to ensure that an invoice matches a purchase order, send it for approval to the responsible staff member, authorize it in the company’s financial system, and finally, pay, and archive it. airSlate WorkFlow provides automated invoice processing and helps to minimize human interaction and time spent on the process.

The invoice tolerance defines the variances you allow between price, product quantity, and other numbers stated in an invoice with those from a purchase order. As an invoice should correspond with a purchase order, it’s better to set up a minimum tolerance limit. Implementing software for automated invoice processing allows finance professionals to set tolerance limits and automatically verify whether to send invoices for approval or postpone them till further clarifications. Sign up for the airSlate Academy’s free courses to become an expert in deploying no-code automation into your invoicing process document.

Automated invoice processing refers to using a particular automation software that saves a company from time-consuming and error-prone invoice processing procedures. airSlate WorkFlow uses no-code bots for automating invoices and making other business operations run more efficiently so that any person without coding skills can easily set up a flow.

WAWF stands for Wide Area Workflow, an electronic system for automated invoice processing, receipt, and acceptance used by government vendors. WAWF helped to decrease time for invoice processing from over 10 days to about 20 hours, depending on errors detected in the documents.

A requisition is a request from an employee or a department for permission to pay a bill. It’s a part of the invoice processing workflow, an approval of an invoice before sending it for payment. Using an automated invoice processing platform helps you reduce the turnaround time and process more documents in less time for higher productivity. The airSlate Academy provides you with a free course dedicated to automated invoicing with a detailed description of how to use bots for creating streamlined workflows.

Commonly, an accounts payable clerk can process around 1,000 bills monthly. Processing invoices in such a high volume may cause errors and lead to financial losses. Implementing automated invoice processing software, like airSlate WorkFlow, decreases manual interventions and can significantly reduce time and costs spent on handling accounting operations. Enroll in the airSlate Academy and learn how to process an invoice with no-code bots. Explore how your business can benefit from implementing RPA/BPA automation.

Automated invoice processing is a way of using automation software to seamlessly extract data from bills into accounts payable systems, check that information in purchase orders corresponds with their invoices, send them for approval, and route them for payment in several clicks. Use airSlate WorkFlow as an invoice processing platform to reduce the time and cut costs spent on closing deals from weeks to hours. Take a course with the airSlate Academy and discover how to create an effective invoicing process document using no-code bots.

On average, skilled accounts and payable clerks work on about 1,000 bills monthly, which is considered a high volume for invoice processing. Big companies deal with hundreds of suppliers and clients every day, so automating invoices can save them from financial risks caused by error-prone manual data input. Using airSlate WorkFlow and its automated invoicing process document helps to eliminate human errors and long turnaround time and increase company productivity.

There's no accurate evaluation of costs spent for invoice processing, but according to the Sterling Commerce research, the average cost varies from $12 to almost $40 per invoice. Implementing workflow automation technologies will save your business from unnecessary financial expenditure, reducing these costs to about $2.07. Find out how to use airSlate WorkFlow as your invoice processing platform and quickly set up a streamlined invoicing process document with no-code bots. Sign up for the airSlate Academy’s free courses to boost your company’s productivity.

Processing invoices involves several steps such as receiving an invoice from a vendor, verifying if it corresponds with a purchase order, saving it in the company’s CRMs, requesting its approval from the responsible person, and finally, forwarding it for payment. Deploying airSlate WorkFlow for automating invoices and other business operations helps to avoid errors and tiresome manual data input, cut costs and turnaround time, and increase your overall efficiency. Enroll in the airSlate Academy’s courses, discover the best way to create your invoicing process document, and experience all the benefits of no-code workflow automation.