Invoice Management Software System

The invoice management software system is responsible for processing, managing, and paying invoice documents from suppliers and vendors. This software helps to automate the processes of extracting invoice information, verifying and validating the information, approving or processing payments, and securely storing all relevant information either in the self-hosted or on the vendors’ servers.

An invoice management system process starts when you receive the supplier invoice. The invoice should then be: identified, categorized, filed, and matched to a purchase order by the person responsible for the order. After these steps, the invoice is usually transferred to the financial department and the sum is paid.

Invoice management software helps companies automate tasks related to invoice processing. Once invoices are processed, they are stored either in the cloud or on-premise for easy access at a later date. These tools will often allow manual data entry for invoices in addition to automatic data capture.

Automated invoice processing software is used by the accounts payable department to streamline invoice processes, add more control over internal processing functions with tracking functionality, and improve the speed at which vendor invoices are processed. Automated invoice processing software is akin to AP Automation. These automated invoice processing systems help accounts payable teams automate the capture, coding, and sending of an invoice for approval in addition to automatically assigning approvers and pushing invoices into financial systems for payment.

Invoice management software helps companies automate tasks related to invoice processing. Once invoices are processed, they are stored either in the cloud or on-premise for easy access at a later date. These tools will often allow manual data entry for invoices in addition to automatic data capture.