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03 June 2020
3 Minutes of reading

What are Invoice Management Software?

What are Invoice Management Software?

Among the types of management software available, one in particular is considered extremely useful to optimize and improve the performance of a company: Invoice Management Software.

What are the Invoice Management Software for?

To sum up to the bone, these programs are used by companies to automate invoice processing tasks. When companies or accounting departments receive invoices, they normally go through an approval process and are then matched to sales and purchase orders and finally to payments.

The task of Invoice Management Software is to make this flow as smooth and natural as possible, by scanning invoices, reading and subsequently entering data into the system so as to facilitate the electronic transfer of recorded payments. In some cases it is also possible to use a mobile application to allow the process of visualization and approval even remotely.

Once processing is complete, invoices can be stored in the Cloud - or locally - so that they are always available to anyone who wants to consult them.

Invoice management software improves productivity

The company, allowing us to make a somewhat risky comparison, is like a machine in which each department performs a very precise function: streamlining the processes means not only ensuring that the overall operation is perfect, but also allows us to optimize the subsequent phases, increasing - even sensibly - the profit.

In this case the department that is touched more directly - and more virtuously - by the implementation of a Software for the management of invoices is that of accounting: no more paper records, no more manual entry of thousands of data and Check on shipments.

What are the functions that an Invoice Management Software must perform

The functions that are most commonly considered essential to speak of an Invoice Management Software are:

  • Match invoices with purchase, sale and payment orders
  • Extract invoices from other Software or through scanning and OCR
  • Consolidate multiple invoices or split an invoice into several parts
  • Synchronize approved invoices with company accounts for payment transfers
  • Track different types of payment, such as deposits or installment payments
  • Apply multiple payments to one invoice or payment to multiple invoices
  • Store invoice files, along with approval and payment history
  • Set up standard approval workflows that can be customized by users
  • Monitor deadlines and payment delays for AR and AP invoices

Standard Invoice Management Software

Custom solutions are able to adhere perfectly to corporate accounting systems and give an additional hand to optimize a flow as delicate as that of invoice management, but there are standard invoice management software that are already used by many realities. The most famous are:

SAP Concur

World leader in travel, expense and invoice management. By integrating data almost in real time and using Artificial Intelligence, the system puts companies in a position to know exactly how much they are spending without risking over budget.

Bill.com

This system is widely used by small and medium-sized enterprises because it allows for simplified debt and credit management. It also reduces data entry by hand and human error by harnessing the power of Artificial Intelligence and Machine Learning.

AvidXchange

This management system consists of 3 main applications: for purchase orders, invoices and payments. One of the most important features is the ability to automate purchase orders and control costs by blocking any unwanted purchases.

Go Custom, go better!

We at Goodcode have gained in many years of activity the experience to build a Software to manage your invoices that is totally tailored and able to fit into the systems already in place in a harmonious way.

We will be happy to have a chat, even over a good coffee, to discuss the Features we can implement to make your work and your company's accounting department even faster and safer.

Contact us here!

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