Invoice Management System
Increase productivity + accuracy by automating invoices
Streamline manual AP processes, improve invoice workflow, and move away from tedious paper invoices with Corcentric’s invoice management software.
Eliminate the inefficiency, risks, and costs of
paper-based invoices
The cost to your company of manual invoice management can be measured by the amount of time wasted, errors not identified, payments delayed, and discounts not captured. Increase control over the entire payables process – from invoice receipt and approver responsiveness through automated invoice management.
Labor Intensive
Vendor Impact
Time Wasters
Alejandro Gusis
“CPO of the Year” by Ardent Partners
“I was just approving invoices in our ERP system; I have to say Corcentric Platform is infinitely better.”
Invoice Management Automation
Resolving matching errors and exceptions requires great effort for many businesses. Eliminate redundant manual entries through automated invoice processing.
- Supplier invoice entry
- Automatic invoice matching
- Manual invoice matching
- Internal reinvoicing
Invoice Virtualization
Increase productivity by ensuring the highest level of data capture accuracy with this invoice management software. Using machine learning and artificial intelligence you have the ability to scan, convert, validate, and transfer paper-based invoices into electronic images.
AP Entry + Allocation Management
Managing the books, Corcentric’s automated invoice management system generates accruals and AP entries during the purchasing process for real-time reporting and seamless integration with your ERP or accounting system.
Tax + Invoice Compliance Management
Easily adapt your financial accounting according to different countries’ accounting requirements and methods globally. Corcentric’s invoice management system integrates leading technologies for managing signature validations, invoice indexing, and invoice archival.
- SOVOS – e-invoicing compliance for signature validation and e-invoicing compliant archiving
- Xelians – receiving paper supplier invoices, indexing, and archiving for EU regulatory compliance
Payment Management
Achieve detailed payment management from purchasing cards to paid status, related to charge backs or payment amount allocations.
Platform-based Invoice Automation
Scale AP’s Productivity + Reputation
Digitize and Accelerate Invoicing
Eliminate Duplicates, Reduce Disputes
Invoice management automation removes frustration
84%
of AP professionals’ time
is spent bogged down by
a seemingly endless list of
manual transaction processes.
62%
say exceptions remain the bane
of AP’s existence, slowing processing
and creating bottlenecks that mute efficiency and effectiveness.
Invoice Automation FAQs
What is Invoice Management?
Invoice management is how a company links the process of purchasing goods and services to the process of validating, tracking, and paying (vendor and supplier) invoices for those goods and services.
How can organizations benefit from invoice management?
Effective invoice management solutions help companies remove time-consuming manual processes, eliminate environmental paper waste, reduce errors, and provide strong financial controls that decrease the risk of fraud.
How can Artificial Intelligence (AI) improve invoice management?
AI invoice automation “learns” and evolves on an ongoing basis. While processing big data, it contextualizes information and understands different languages. Most importantly, employees previously responsible for related tasks are free to focus on more strategic contributions to the organization.
How does invoice management impact cash flow?
Strong invoice management processes in Accounts Payable (AP) and in Accounts Receivable (AR) guarantee you are billing and paying on time. It also provides the financial controls needed to reduce credit risk from fraud and allow for more accurate financial predictive modeling.
What is Corcentric’s invoice management solution?
Corcentric provides the technology and the talent to help organizations streamline manual AP processes, improve invoice workflow, implement artificial intelligence, and move away from tedious paper invoices with Corcentric’s invoice management software.
What is the difference between accounts payable and invoice management?
Both accounts payable and invoice management share the same objectives; paying vendors on time and identifying ways to improve the bottom line.
A successful invoice management solution includes reducing the risk of fraudulent suppliers and invoices with enrollment solutions that validate and assess risk; removing errors made during manual processes; automating approval workflows; automatic 2-way and 3-way matching; and making and tracking payments, credits, rebates, refunds, and reconciliation.
Invoice management links the procurement process to the process of managing that supplier’s invoices.
How does invoice management improve payment visibility?
Manual and paper processes decrease the ability to make payment information visible and easy to access. Having the ability to centralize every invoice in a digital medium provides 24-hour/365-day access into the status of all invoices.
