In many companies, checking incoming invoices is a complex process. Obtaining approval for payment often takes so long that advantages such as discounts are no longer possible. But with the help of digital processes and solutions, this works better. The entire process can be significantly simplified.
What is inspected during an audit
Before an invoice is posted and paid, the mandatory information on the respective document must be examined according to the four-eye principle. According to Section 14 of the Sales Tax Act, these are ten points.
It must be checked that the information is both complete and plausible. Basically, it takes a lot of time to collect all invoices from various sources, record them in the required software and check their accuracy, for example by comparing them with orders. The result is delays in invoice approval and payment. This can result in loss of trust from business partners, possible reminders and additional fees.
Software and digital workflows provide relief
However, it is possible for companies to release invoices with the least amount of effort and at the same time with a high level of security and speed. The prerequisite for this: digital invoice management and a high level of automation. GetMyInvoices supports this. Digital input sources such as online portals and email inboxes are linked to the invoice management software, thereby ensuring completely digital invoice receipt. It doesn’t matter whether an invoice is sent as a PDF file, Word document or in another format. All documents are automatically recognized, converted and assigned to suppliers. Paper receipts can be photographed and transferred using scanning apps. If all invoices are complete, the foundation for electronic invoice verification and digital invoice processing has been laid. Ideally, this also includes an automatic approval process. In order to set up an individual invoice workflow, you only need to answer a few questions.
Once these questions have been answered, the review and invoice approval process can be set up in the workflow management system with just a few mouse clicks. Thanks to numerous customization options, almost all processes can be mapped.
Minimal effort, serious benefits
No document goes unnoticed by the responsible accounting staff. When a new document arrives, you can be automatically notified and check it. If you have any questions, you have the option to communicate with colleagues directly from GetMyInvoices. This allows you to approve and pay invoices more quickly. This in turn enables companies to benefit from discounts. In addition, cash flow and transparency improve.
This is how digital invoice verification works with GetMyInvoices
