Invoice Processing

Invoice processing scales and liberates your AP team.

Manual matching and approval processes drain resources, annoy suppliers, and cost you money.

COR360 gives you intelligent three-way matching, workflow automation, and configurable invoice approval processes.

Invoice Processing – An Overview

Invoices. They’re the backbone of your procurement processes and so much more. Digital invoices help your organization streamline processes and meet financial supply chain management goals. But if your invoice processing system is manual, paper-based, or otherwise inefficient, every other component in the procure-to-pay process will feel the effects.

Electronic invoice management is on the rise, and for good reason – it eliminates problems and inefficiencies related to paper invoicing while speeding up the entire procurement cycle. Instead of dealing with paperwork all the time, your AP team can focus on generating revenue.

How Automated Invoice Management Works

Deciding to adopt a paperless invoice processing system is the hard part. Once set up, the invoice management software gets to work simplifying every step of the invoice process by:

  • Digitizing and integrating invoices from numerous sources into your existing database and systems.
  • Quickly generate and approve error-free service entry sheets and invoices for suppliers.
  • Providing you, your suppliers and vendors with a communication network that keeps everyone on the same page and informed.
  • Automatically matching invoices to contracts – helpful for enforcing contractual compliance.
  • Giving full spend visibility across your entire organization.
  • Providing a global, scalable automatic invoice processing solution and archive.

invoice-Processing-workflow

Automated Invoice Processing – The Benefits

Now that you know how easy it is to switch to an automatic invoice management system, here are some reasons why you shouldn’t wait any longer:

  • By automating your accounts payable activities, you can scale up to 70% without adding to headcount.
  • Free up the time spent on manual matching and approval chasing to focus on running your business and increasing revenue.
  • Eliminate duplicate payments (and the hassle of reclaiming money).
  • Easily find and view invoices, and their audit trail.
  • Reduce transaction costs per invoice.
  • Cut invoice disputes down to a bare minimum with digital record keeping.

Most of all, you’ll be able to elevate your accounts payable department from the back office to a strategic asset.

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About COR360 – Our Invoice Management Software

Our invoice management software (COR360) is designed to be as intuitive as possible, and easily customized to your organization’s specific needs. We achieve this with specialized technology that works according to your rules and specifications.

No matter how you receive your invoices, COR360 turns them into consistent electronic data and readies them for automatic processing using two vital processes:

1. Automatic three-way matching
COR360 automatically matches each incoming invoice against the relevant PO and receipt of goods using an algorithm specifically designed by our AP experts. If the invoice matches (within tolerances you specify and manage) COR360 passes it straight through to your finance system, earning it the nickname of “straight through processing”.

2. Automated Invoice Approval Routing
COR360 routes invoices based on your assigned “delegation of authority,” rules written with account amounts, duplicates, or account numbers. The SmartRouting delivers immediate review and approval efficiencies. No more payment bottlenecks!