Intelligent Invoice Management

Invoice management is a back-office function within the procurement process performed by the accounts payable department. The accounts payable department performs invoice management to resolve a businesses liabilities (or debts) which usually come in form of vendor invoices and uses software to facilitate invoice processing. 

The Invoice Management process steps are the following:
1. Intake of vendor invoices or bills (electronic or physical) into the software
2. Extract invoice or bill information to match General Ledger codes
3. Match the invoice information to Purchases Order when applicable
4. Verify the goods or services listed have been fulfilled
5. Process the invoice for payment
6. Mark invoice as paid when payment has been made
7. Achieve invoices within the software for audit or later reference 

There are many benefits to using software to facilitate invoice management for your business. Using Stampli AP Automation for invoice management you can:

– Process invoices fast
– Route and approve invoices from anywhere
– Defend against duplicate invoices 
– Be in control with fraud detection dashboards

Yes, invoice management includes the verification process of an invoice to ensure it’s valid in addition to obtaining the necessary approvals from the invoice owner or owners, and sometimes management. With Stampli invoice management software, all information that’s required to manage an invoice is presented on the invoice page itself. By having all the information presented in one location, we find this makes it easy for users to approve invoices or provide supplementary information which can lead to a faster decision.

Invoice management is a streamlined process where the vendor invoices or bills are captured, coded, and routed for approval with advanced AP Automation software technologies. Accounts payable confirms the goods/services have been fulfilled and the information is accurate including required approvers. With Stampli, invoice management is centralized with all communications taking place through the Collaboration Hub on top of the invoice itself. Invoices that are approved from the invoice authorizes, are then processed for payment. 

It sure does. Invoice management from Stampli empowers AP departments to follow a three-pronged approach to substantially reduce the risk of fraud.​
1. Invoice management keeps your accounting system as the one source of truth
2. In addition to the approvers, invoice management software allows for the people involved in the transaction to participate in the process​ as well
3. Invoice management software from Stampli institutes segregation of duties

Yes. Stampli takes the security of your invoice management processes and information very seriously. Stampli invoice management software is certified compliant with rigorous security standards, such as SOC 2 Type 2 listed among others in our Privacy Policy and Terms of Service.

While research shows that an overwhelming number of duplicate invoices are being paid by every company every year. While most accounting systems only look at the invoice reference number to identify duplicates, Stampli invoice management software applies a sophisticated algorithm that identifies suspected duplicates, then presents them to AP alongside the originals for inspection. This algorithm dramatically reduces the chances of processing a duplicate.

Yep! Stampli allows the invoice management process to run 5X faster. This enables your accounts payable team to perform at their highest potential. In addition, you can avoid long approval processes that result in headaches for AP, late payment fees, and frustrated vendors. With an invoice management solution that enables true collaboration between everyone involved in the conversation, and artificially intelligent coding assistance from Billy the Bot, AP can achieve maximum efficiency.​

API integrations connect directly to any accounting, financial, or ERP system. With Stampli, API integrations are made to ensure constant data flow between the integrated systems. 

In short, it depends. Costs can vary from the number of advanced users, invoices processed each month, and other factors such as an ERP or accounting software integration. On the other hand, automated invoice management software will lower the cost to process an invoice when compared to a manual process.

Here’s how Stampli’s invoice management software can save your business both time and money:
1. No more chasing invoice approvals with lengthy email threads and calls
2. No more time spent archiving physical paper invoices, then retrieving them for reference
3. No more stressful audit preparations
4. Super-fast coding with Stampli’s intelligent assistant, Billy the Bot
5. Avoid duplicate payments
6. Easily capture early payment discounts, and avoid late payments