Digital Invoice Processing is the electronic capture, validation, approval, and storage of vendor invoices and other documents used for accounting and financial purposes. This process is an essential part of a company’s financial management and tracking system. By digitizing the invoice processing, companies are able to cut down on the time and effort that goes into processing invoices. It also allows them to reduce costs associated with manual processes such as printing, filing, and mailing invoices. Additionally, the automation of payments can be monitored and validated more easily, allowing for faster supplier payments. This is important for any organization that wants to stay competitive in their industry.
Digital invoice processing also provides a secure and efficient way of managing and storing documents in the cloud. This helps to ensure the documents are available and editable when needed.