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Invoice workflow automation – is it possible and how

Posted on : 22/10/2024 By
Invoice workflow automation – is it possible and how
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Both today and in the past, achieving maximum results when processing invoices is of essential importance to every accountant. This, to the delight of employees, can be easily achieved with the help of modern technologies for automating work processes. One of them is invoice workflow automation which is considered extremely useful in many ways – intelligent extraction of key information, archiving, scanning and other steps important for accounting work.

Reasons to automate invoicing and what the process is?

The main reason why you have to choose invoice workflow automation for the business is increased accuracy. Other reasons to use this software:

  • the speed with which accounting operations are carried out, important for the correct processing of company invoices, is also increased. Eliminating errors is also one of the main reasons for using software for automatic processing of invoices and many other documents such as forms, bills of lading, insurance claims, etc.;
  • among the critical points of business is financial profitability, which is not always available – it can be compromised by factors such as high salary expenses, inefficiency and loss of time for the execution of operations which take a lot of time and in another situation could be completely automated with the help of software. This is the main point in this case – to integrate technological solutions such as those of SmartSoft, which are easy to manage, easy to improve and to combine with other software that is used in the company;
  • invoice processing automation from SmarSoft is a good way to optimize a wide range of work processes, which until now have been performed manually by employees – large companies increasingly decide to implement such software in their business structure, believing in its effectiveness and good prospects that this technology reveals to them. The more steps of the accounting work are automated, the more streamlined the work in the department will be;
  • another reason for implementing invoice workflow automation is to reduce errors when extracting information – they can be associated with supplier names, type and number of items, payment amounts and other important information which must be as reliable as possible to avoid financial losses and other unfavorable events.

The trend of more and more companies choosing software solutions for document processing over manual processes makes perfect sense. The logic is to free up more resources for critical business points which until now have remained in the background because the employees were busy with operational tasks.

Stages and advantages

Document acceptance is the first step in automatic invoice processing. Then comes the digitization of the file if it comes in scanned form (image). This happens with the help of the OCR technology (optical character recognition), which has a unique potential and literally changes the way of work in accounting departments.

Another key moment is the removal of inaccuracies if there are any – in this way, the high quality of the processing of invoices is achieved, which is possible thanks to OCR technology. Among the most frequent corrections, this is the noise reduction and/or promotion of the slope – the adjustment of the contrast is also among the possible interventions when it comes to OCR and the automatic processing of invoices.

Connecting to company email and web portals – with this step, the process is rationalized when it comes down to automatically extracting information from invoices, and then the information is archived. When there is a direct connection to the company mailbox or web portal, it speeds up the processing process significantly and improves the quality of work. No matter if the document arrives in PDF, JPEG, GIF or TIF format, the software will process each one of them with high accuracy and with maximum speed.

What is optical character recognition and what are the principles?

OCR (optical character recognition) is a modern method to improve the work processes that take a lot of time and it is a prerequisite for making mistakes that can be prevented with SmartSoft’ technology. This software tool is very popular among companies that want to streamline and rationalize work processes to free up resources for other key aspects. It could be making a business plan or improving service – in both cases it is necessary for employees to have enough time to do all these tasks.

Why choose SmartSoft for automating work processes?

SmartSoft is a good opportunity to improve your business strategy, to reduce the salary expenses, as well as to implement a completely new work system that will lead to top results in a short time. Instruments such as automatic processing of invoices or OCR help modern businesses on many levels, as the consequences of the use of these technologies are strongly positive. Take advantage of the various IT solutions that the company offers and improve business results right now!