FAQ

What is Automated Invoicing in A/R?

Automated invoicing is the process of using software to generate, reconcile, and approve invoices. Sellers send an electronic invoice that buyers approve and have the option to pay automatically – eliminating paper invoices that require physical delivery and manual payment. 

How to Automate an Invoice?

Learning how to automate an invoice helps remove repetitive tasks and streamline workflows.  An invoice automation solution for A/R departments requires the following steps:

  • Assess your enterprise’s e-invoicing readiness from the seller’s standpoint.
  • Find an invoice automation solution that understands the needs and objectives of your business. 
  • Review and standardize policies and procedures related to invoicing. Pay special attention to processes like 2-way and 3-way matching, report tracking documentation, vendor management, and payment methods. 
  • Integrate ERP or accounting solutions with the automated invoicing platform.
  • Communicate changes with internal staff, suppliers, and customers. 

What is the Key Advantage of Incorporating an Invoice Automation Solution?

Businesses, and even governments, are using invoice automation due to the following benefits:

  • It’s cheaper. Lower processing costs by as much as 70% compared to manual processing.
  • It’s faster. Manual invoice processing takes an average of 45 days while automated workflows take just five days. The compatibility with accounting software also enables instant reconciliation.
  • Better data quality. Reduced errors save time and money.

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