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Terminology Categories

Invoice Processing

Invoice processing is a digital transformation solution that provides the means to scan incoming invoices, separate documents with classification and extract invoice header and line item information.  The final result is data transfer to an accounting system and a reduction in overall time and labor to process payment.  The system typically combines several pieces of software, including: document capture and scanning, workflow/BPM and a document management system.

Typically, invoices are scanned when they enter the organization in the accounts payable department.  The scanned documents go through a document classification system, information is extracted, and operators review the results.  From there, depending on the organization, invoices can be routed for approvals through workflow, or can be placed in an end repository or DMS for archival and retrieval purposes.

Invoice processing and AP solutions are key focal points for any organization looking to transform and eliminate the flow of paper.  It is a labor intensive process, and involves the manual keying of information, labor intensive checking of accounting systems and review for errors in billing.

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