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Manually keying invoice data into your accounting system or ERP is a high-touch, time-consuming process. Manually reaching out to approvers with email, phone calls and spreadsheets is also resource intensive.
Invest in a fully automated invoice processing platform that cuts the time spent processing invoices manually by 50%. An automated invoice processing software system seamlessly captures invoice data and provides an approval workflow to give you more flexibility and visibility into your AP process.
“I like that with Rillion you see a pie chart of the expenses. So each month I can see that at a quick glance… which is nice, you know each day when I go through entering/posting the invoices I kind of look at that to see where we’re at.”
Paperless electronic invoice processing is nothing new. But for it to revolutionize the AP workflow, invoice processing software needs to be able to do more than just convert documents.
In some capture systems, you’d just have a picture of the invoice, where you’d be required to input the data manually into your accounts payable invoice processing system.
Rillion’s OCR invoice scanning and invoice capture solutions captures the data from emailed or paper vendor invoices and populates the appropriate fields in a central dashboard, ready for processing and approvals.
Once the invoice data is digitally captured, the invoice is put into an approval workflow. Administrators create rules for which roles specific invoices should be forwarded to. Any reference data can be used to auto route an invoice to a specific approval workflow or role. The approval workflow is fully automated and easy to use – approvers can view and approve the invoice on laptop, smart phone, tablet or email system with our AP automation system.
The process of gathering and reconciling invoices, POs, and approvals is a vital part of the AP workflow. For many organizations this process is done manually. Rillion’s accounts payable invoice management solution leverages the technology of business rules management to automate purchase order matching for PO invoices. By configuring guidelines and percentage tolerances, you customize the guidelines for each vendor. Our accounts payable invoice processing software:
If the invoice and PO don’t match, Rillion sends all the information necessary to clear the exception to the designated approver to reconcile.
Automated invoice processing softwares streamline every step of your supplier invoice process and gives you more control over internal processing functions. Get better visibility and traceability, and improve the speed at which vendor invoices are processed and approved.
The cost of processing invoices comes from manual labor, inputting invoice data and information, storing physical invoices and routing the invoices for approval. An automated invoice processing software saves both time and effort, and reduces the risk of costly human error.
Remove human error
There’s no reason to rely on email and spreadsheets to handle and manage supplier invoices. Manual data entry takes both time and effort. Where a human can make errors, AP automation accurately performs repetitive tasks according to configurable business rules. With Rillion’s invoice processing software the process of handling invoices is automated. Avoid manually organizing incoming invoices or manually keying in invoice data. Have a searchable invoice archive and audit trail with our invoice processing software. For PO invoices, a PO matching engine automatically matches POs to invoices and goods receipts.
Eliminate late fees
No matter the size of your organization, invoices will be misplaced or forgotten. Many vendors will charge a late fee for missed payments, affecting both credit ratings and your organization’s cash flow.
With automated invoice processing software the risk of missing an invoice due to human error is reduced, ensuring invoices are paid on time. This helps you maintain good relationships with your suppliers.
Integrates with your ERP
Rillion’s automated invoice processing software integrates with over 50 ERPs, and connects seamlessly with popular ERPs such as NetSuite, Sage Intacct, Dynamics, SAP, and more.
Machine learning improves your workflow. Rillion continuously learns how to code your invoices.
What is electronic invoicing?
Electronic invoicing refers to the sending of digital invoices, also known as e-invoices. There are several different electronic formats, for example EDI-invoices or XML-invoices. A PDF-invoice sent via email is the most simple format of an e-invoice. In many countries it’s already mandatory to send electronic invoices and it’s the preferred method for most organizations. Electronic invoicing reduces paper usage and eliminates manual keying of invoice data into the ERP or accounting system.
What is invoice processing?
Invoice processing is a procedure finance administrators perform to record vendor invoices in the accounting system, get them approved by the person ordering the goods and services and coding them with account information prior to paying the amount outstanding. If the invoice has a PO, the PO is also checked to make sure the items ordered were delivered at agreed upon prices.
What are the 3 main steps involved in invoice processing?
The first step is invoice data capture, where technology extracts data from the invoice and populates the invoice data fields in the accounting system. The second step is sending invoices out for approval in an approval workflow. And the third step is coding and recording the invoice into the accounting system for payment once the invoice has been approved.
What is electronic invoicing processing?
Electronic invoicing processing, also known as paperless invoice processing or digital invoice processing, refers to all tasks involved in processing a digital supplier invoice. The process is identical to the invoice processing of a paper invoice.
What is invoice management?
Invoice management is all the tasks involved with processing invoices. Most often it refers to the processing of supplier invoices within an organization. This task is often carried out by the Accounts Payable team.
What is a tolerance limit with respect to invoice processing?
A tolerance limit is the amount that an invoice is allowed to differ from the underlying purchase order or contract. In a modern invoice processing solution, the tolerance limits can be configured, which means that invoices with small deviations from the expected amount can be processed automatically, without additional manual intervention.
What is the purpose of invoice processing?
Invoice processing is a procedure finance administrators perform to record vendor invoices in the accounting system, get them approved by the person ordering the goods and services and coding them with account information prior to paying the amount outstanding.
What is SAP invoice processing?
Invoice processing is a procedure finance administrators with SAP as their ERP or accounting system perform to record vendor invoices in the accounting system, get them approved by the person ordering the goods and services and coding them with account information prior to paying the amount outstanding.
What are the benefits of benefits of automated invoice processing?
Finance administrators and business owners are looking for ways to reduce manual work and reduce human error. Automated invoice processing eliminates the manual keying of invoice data, has an approval workflow that replaces spreadsheets and email, matches POs to invoices automatically, provides administrators with invoice approval status, provides an audit trail and has a searchable archive for both paid and current invoices.
Schedule a free consultation so that we can understand your needs and provide you with the best solution.
Rillion provides accounts payable automation (AP Automation) to organizations in over 50 countries worldwide. We get high ratings for ease of use and great support. 96% of Rillion customers feel that the platform fulfills expectations, and 95% consider Rillion to be a worthwhile investment.
Our job is to make your job easier, let us show you how!
This guide will walk you through AP automation solutions including functionality such as importing invoice data, invoice processing, approval workflow, PO matching, a system for auditing and archiving, detailed reporting, and cost analysis.