Daily work with invoices is responsible and complex, as the responsible persons are often under stress when it comes to data extracting, archiving and other accounting steps. This is one of the reasons why many companies these days rely on technologies for automatic processing of company documents, including invoices. With the help of such software solutions, work efficiency is increased, while operating costs are reduced. With the help of invoice automation workflow is optimized in general, which benefits companies and their customers.

Top facts about invoice automation

The process is complex and has a certain degree of complexity, but on the other hand it is extremely effective in terms of accounting results. Invoice automation is an innovative digital tool that facilitates work in departments and leads to the optimization of labor costs. Here are the most important facts about this type of technology:

1. Fact number 1 – higher accuracy. It is possible thanks to the ability to automatically correct errors in information processing. For comparison, in manual processes it is not always possible to see and eliminate errors due to the human factor, something remains unnoticed. Fortunately, there is an excellent opportunity to change this with the help of automatic invoice processing software, which is often present in the company’s structure.
2. Fact number 2 – minimum time for processing a large volume of documents. With the standard method of document management, namely manual processes, the time for processing information can be extended by hours, which is extremely ineffective from a business point of view. This is another reason to choose software that automates invoice processing. In this way, the management of large and complex documents no longer lies at the center of critical points, but rather turns into a routine procedure with the possibility of achieving excellent results.
3. Fact number 3 – very high level of accuracy. Invoice automation is a process that is associated with achieving precise accuracy that is not always possible to achieve with manual processes. When a document enters the system, it must be analyzed, and then the information in it must be processed and archived. If we only rely on manual work, all these steps will take a lot of time and money, and the accuracy will not always be at the required level. For that reason, the implementation of a technology for invoice automation is the best solution in every respect.
4. Fact number 4 – wide application. Technologies for automatic processing of documents such as invoices can be used in various business sectors such as trade and services, health and insurance, and other professional niches that require similar technologies. The wide application of the software is another definite reason to rely on it for your business, which will be much more successful from now on.

The 21st century is a time when technology dominates. Artificial intelligence is among the tools that help us manage businesses easily and successfully, as Smart Soft effectively integrates it into their automated document processing products. If you want to put an end to manual processes that are costly and take up valuable time, choose technologies for streamlined workflows and enjoy the results.

What are the main steps in automatic processing?

In this type of work operation, there are several stages that must be passed through to reach the final results – flawless and in a short time. The first step, of course, is the acceptance of documents, which starts the procedure. After the invoice arrives at the company structures, it is also time to analyze its type – in electronic version (pdf) or scanned (image). Depending on what the format is, it is also decided what the next operations will be.

In case the document is in paper format, the system converts it into an electronically readable version. This way it becomes much easier to process, as it is important to note here that the software has the capacity to process several documents at once. Another possibility that technology offers is to connect it to a company email or a company portal so that documents can be automatically extracted from the system. This is considered a great convenience for the company’s employees as they will not have to do this manually.

Let’s not forget the fact that the technology is designed in such a way that training is continuous, based on previous experience and feedback from users. Similar intelligent solutions are even a must for modern businesses nowadays – helping to pay sufficient attention to critical management points, as well as reducing labor costs. They are not just another digital addition, but a game changer and an opportunity to turn the company’s business in a positive direction.

OCR (optical character recognition) is a key technology in this case – with its help it is possible to convert scanned documents into PDF format, which can then be processed in minutes. Its work is flawless and leads to top business results that have no analogues.