A highly effective step in your journey from paper-based processes to digital workflow
Keeping on top of invoice processing is a demanding task for most finance teams and business owners. Without a clearly defined, efficient process for managing supplier payments and outgoings, it’s easy for accounts payable departments to become overloaded and payments to be missed.
Manual activities cannot be the answer to timely and cost effective invoice processing.
In today’s world of digital, automated workplace systems, innovative technologies provide solutions for a multitude of organisational headaches. What if technology could scan, categorise and file invoices automatically and make them accessible to your approvers anytime, anywhere?
Introducing Verify, automated invoice processing software…
What is Automated Invoice Processing?
Verify, our automated invoice processing solution involves the use of intelligent software to automatically capture, extract, route and post invoices into a finance system. It helps organisations set up approval chains and shift from data entry tasks to automated data capture and posting processes, delivering visibility and control over the entirety of an organisation’s invoice processing activities.
Integrations
Verify integrates with all leading Finance Systems – including Sage 50, Sage 200, Sage Business Cloud, Xero and Quickbooks.
Click below to learn more about how it will work with your system.
Don’t see your finance system on this list? Don’t worry, Verify still integrates with it!
Click below to contact us and find out more.
Typical Costs Involved
Market research suggests that, on average, it costs £4-25 to process an invoice. With invoice automation solutions this can be hugely reduced, by minimising the time your accounts team are spending on data entry.
Manual Processing
£ 4-25
Per invoiceAutomatedProcessing
Less than £1
Per invoiceHow Does The Process Work?
Extending to any type of document – electronic (Word, PDF and more) or traditional paper – automated invoice processing begins with intelligent scanning. Key invoice fields are identified and captured data is then sorted and categorised, following a set of pre-designated rules and logic. Invoice lines are automatically three-way-matched against your purchase orders and receipts to enable straight-through processing, saving your business a significant amount of time. If a receipt is now available, the invoice is matched to the PO before entering a matching stage. Should any information within an invoice be unidentified or inconsistent, it can be labelled as an exception and routed for manual approval. Once approval has taken place, an invoice is transferred to your accounts system for final payment.
Throughout the process, complete visibility is provided on the stage of each invoice, while posted invoices are archived within your chosen document, information or accounts management system.
And best of all, your people can access the system at any time, from wherever they need to be.
Benefits of Automated Invoice Processing
Manually processing paper invoices increases the risk of late fees. Automating the process allows you to keep track of due dates and prioritise invoice payments.
By tracking invoices you can negotiate discounts with suppliers for early payments, ensuring that you always meet your commitments.
The process can be 100% electronic, with no need for paper. You can also process invoices from anywhere, anytime.
By automating the extraction of data from an invoice you can significantly reduce the risk of typos, which can lead to incorrect payments and supplier queries.
Many companies continue to print digital invoices before manually processing them – shifting to automated invoice processing removes the need to print, reducing unnecessary waste and costs.
Automated Invoice Systems can validate supplier details on your finance system, reducing the risk of fraud.
Not having to extract data from an invoice manually and check it against the purchase order line by line significantly reduces processing time. >90% of staff time spent keying in hundreds of invoices can be saved, allowing them to focus on other accounting tasks.
Invoices can be tracked along their entire journey – recording opens, responses and any other actions for auditing.
Why Verify?
Free and Regular Updates – Anything from bug fixes to brand-new powerful features.
On Tap Support – Account Manager and software support included as standard and available Monday-Friday 9-5.30.
Simple Speedy Install – Only takes 3-4 hours and is completed by us, for free.
Unlimited Data Storage – Never worry about running out of space to store your invoices.
Integrations with Many Finance Systems – Whether you use a popular finance system like Sage or Xero, or an uncommon one, Verify can most likely link to it.
Expert Advice Always Available – Guided training is included in set-up and refresher training is available at no additional charge.
Discover Automated Invoice Processing in action…
Watch the online Verify demo
Want to understand more about how Verify can make your organisations invoice processing and approvals easy?
Click below to book an in-depth demo with one of our Verify specialists.
Interested?
Harness the power of Accounts Payable Automation
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