Digital Incoming Invoice Processing
- Handle all stages of invoice management with automated workflows
- Support for all common e-invoice formats
- Enhanced financial control and processing routes
Digitizing incoming invoices
Manually processing incoming invoices is both time-consuming and costly. Traditional methods often lead to payment delays and errors in invoice management. The lengthy processing times can cause businesses to miss important cash discount deadlines. Additionally, manual invoice management lacks transparency, making it difficult for companies to track which employee is handling each invoice.
Digitizing the invoicing process significantly accelerates invoice receipt. It automates the entire workflow, from receiving invoices from various sources to their entry into your financial accounting system. This ensures you can track the status of each invoice in real-time, avoid missing cash discounts, and establish a solid foundation for efficient, mobile work. Digital invoice processing integrates seamlessly with your existing ERP, ordering, and financial accounting systems.
Advantages of digital invoice processing
Convenient digital receipt and processing of incoming invoices
Invoices are immediately entered into the system, allowing for quick verification and timely payment.
Transparent, electronic invoice processing gives you better oversight and control over your financial workflows.
Switching to digital processes reduces paper use, contributing to environmental sustainability.
Using innovative invoice processing tools can boost your brand’s image and increase customer trust in your company.
All process steps in one digital solution
Digital invoice processing involves several steps: receiving, verifying, approving, posting, and archiving invoices electronically.
- Invoice receipt
Incoming invoices are received electronically from various sources such as email, scans of paper receipts, files, or specialized invoice receipt systems. These digital invoices can be formats like PDF, XML, ZUGFeRD, XRechnung, or e-invoice. - Invoice verification
The software automatically extracts all relevant data from the digital document, including order reference, invoice number, supplier information, amounts, and due date. The extracted data is then compared with the leading ERP/financial accounting systems to ensure accuracy and compliance with agreed terms. - Invoice approval
The electronic invoice is forwarded to the responsible person or department for approval. This can be done automatically based on predefined rules or manually by an employee. - Invoice posting
The incoming invoice or data records are provided to the accounting or ERP system via a defined interface, allowing them to be loaded and posted. This includes assigning costs to the appropriate cost centers or projects and updating the accounting data. - Digital archive and transaction file
Finally, the digital invoice is stored in an electronic archive for easy access and review. This facilitates compliance with regulatory requirements and simplifies invoice tracking.
Implementing digital incoming invoice processing - the process
Implementing digital invoice processing in a company requires careful planning, execution, and continuous evaluation and optimization. A successful implementation process consists of the following steps:
Analysis and planning:
Start by analyzing the current invoice processing procedures, assessing manual efforts, and identifying potential weaknesses. Set clear goals for what you aim to achieve with the digitization of invoice processing.
Technical preparation and implementation:
Install and set up the necessary IT infrastructure. Ensure seamless integration of the new software solution with existing systems, such as ERP systems and accounting software.
Training:
Train employees to familiarize them with the new software and revised workflows.
Pilot Phase:
Test the software solution on a limited scale within one department or group. Collect feedback during this phase to identify and implement possible process optimizations.
Rollout:
Deploy the digital invoice processing solution company-wide. Provide customer support to ensure smooth operation.
Evaluation and optimization:
Regularly review and optimize all processes as necessary. Use the analysis tools included in the invoice processing software to support this effort.
During the initial meeting, we will talk about your existing infrastructure. We then deliver the suitable fully integrated solution for your digital incoming invoice processing based on your infrastructure. Our ready-to-use standard software can be optimally adapted to your process requirements with minimal configuration effort. This ensures user acceptance and maximum efficiency for your business processes.
The software behind it all: edoc invoice
The basis of our digital incoming invoice processing solution is the standard software edoc invoice with a maintenance contract. It draws on experience from a large number of successful workflow projects in this field. edoc invoice provides a state-of-the-art technological platform featuring the latest development and control technologies for optimized performance. It runs in the cloud, on-premises or as a hybrid solution.
Digital incoming invoice processing with xSuite for SAP
xSuite Invoice is a powerful solution for processing all incoming invoices in all formats and from all channels in your SAP system. E-invoicing portals can also be used to accept invoices. The xSuite component Prediction Server also includes an option to create forecasts based on deep learning, for example forecasts relating to the expected number of invoices in a certain period, the average amounts or the invoice total, including graphical representations.
After reviewing a wide variety of software solutions from various providers for the digitization of our incoming invoice processing, we decided to go with edoc because we believed that edoc's best-practice solutions met almost all of our requirements. With edoc, we feel we have a strong partner at our side.
Gerd Andor, Head of Accounting, Karwendel-Werke Huber GmbH & Co. KG
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