What is Invoice Automation?
Invoice automation uses technology to streamline invoice creation, delivery, approval, payment, and accounting processes. For accounts payable, automation involves receipt scanning, data extraction, automated coding, electronic approval workflows, and payment processing.
For accounts receivable, automation generates invoices, delivers them electronically, tracks payment status, and sends reminders. These systems use OCR technology, machine learning, and workflow engines to minimize manual handling. Invoice automation reduces processing time, lowers costs, improves accuracy, accelerates cash flow, enhances vendor and customer relationships, and provides better visibility into payables and receivables.
This technology has become essential for efficient financial operations in modern organizations.
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