FAQ

What is Debt Collection?

Debt collection is the process in which a company or debt collection agency tries to collect the money owed on past-due invoices.

What are the Key Steps to Invoice Processing?

The key steps for accounts receivable invoice processing include generating and tracking invoices.

  • Generate Invoices: Create a document for the buyer with details like the goods or services provided, payment deadline, and cost.
  • Deliver Invoices: Send the invoice using paper or electronic delivery.
  • Track and Reconcile: Track status of invoice payment and reconcile payments with invoice data and accounts receivable ledger.
  • Payment Collection: Send payment reminders and establish a collection process for past-due invoices.

The key steps to accounts payable invoice processing include collecting, recording, approving, and paying invoices.  Here’s how to process invoices:

  • Invoice Creation and Receipt: After a customer order is fulfilled, the seller sends an invoice to the buyer’s accounts payable team requesting payment.
  • Recording and Validation: Invoice details need to be recorded and verified against documentation like the purchase order to make sure there are no discrepancies.
  • Approvals: After the invoice is verified by the accounts payable team, it’s sent to the relevant manager(s) for approvals.
  • Payment: The finance department settles the payment with the seller.

The entire process can be streamlined if companies automate invoice processing.

How does Automated Invoice Processing Software Work?

Automated invoice processing software works by streamlining invoice generation, payment, and collection. Automated workflows and quickly-validated data offer faster ways to automate invoice processing. The investment pays for itself by enabling easy payment and collection (which increases working capital), reducing errors from manual processing, and saving time.

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