AUTOMATES THE PROCESSING OF INVOICES
Crown’s digital invoice processing system is a software solution that automates the processing of invoices. It streamlines invoice capture, approval, and payment processes.
It reduces errors, saves time and money, and provides better visibility and control over invoice – related activities.
It integrates with accounting systems for seamless financial reporting.
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Intelligent Document Processing
• Uses advanced OCR (Optical Character Recognition) technology to capture invoice data • Eliminates the need for manual data entry
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Integration
• Generates electronic payments • Eliminates the need for paper checks • Integrates with a company's ERP (Enterprise Resource Planning) system to provide real-time financial data
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Digital Workflows
• Invoices to be automatically routed to the appropriate approver • Approvals can be done from any location, using mobile device or computer
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Document Management
• Providing easy access to accurate and complete invoice information, improving audit trail and compliance • Streamlining audit process, leading to cost and time savings
KEY FEATURES OF DIGITAL INVOICE PROCESSING
Email Parsing
- Crown BOTs automatically extract invoice data from incoming emails and convert it into a structured format that triggers the approval flow for the payments.
- This reduces the manual efforts required in data extraction and validation, also ensures no invoices are missed from being accepted.
Supplier Portal
- An essential tool that enables suppliers to submit and track invoices digitally, reducing the need for manual processing, follow-ups and paperwork.
- This can lead to faster processing times, improved accuracy, and better communication between the buyer and supplier.
Expense Reporting
- Allows employees to easily submit and track their expense reports digitally.
- With this digitized expense reporting, employees can easily upload receipts, categorize expenses, and submit their expense reports for approval through the Crown digital invoice processing solution.
Custom Dashboards
- Provides real-time visibility into businesses’ invoicing and payment processes.
- Insights include metrics such as the number of invoices processed per day, the average time it takes to process an invoice, and the percentage of invoices processed on time.
- Insights from the customized dashboards help businesses to identify bottlenecks in their invoicing process and take steps to improve efficiency.
Automated Policy Checks
- The system can be customized to include specific policy rules related to invoice processing and expense management, ensuring that all invoices and expenses are processed in compliance with the organization’s policies.
- This helps to prevent unauthorized spending and ensures that all expenses are reviewed and approved before payment, reducing the chances of non-compliance.
Benefits of Digital Invoice Processing
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1. Reduced processing time and costs
Frees up time for employees to focus on more value-added tasks.
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2. Improved accuracy
Reduces the risk of errors and inaccuracies.
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3. Real-time visibility
Identify bottlenecks and take swift corrective actions.
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4. Increased efficiency
Speed up the processing time from submission to payments.
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5. Enhanced security
Eliminating the risk of fraud and ensuring compliance with regulatory requirements.
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6. Improved supplier relationships
Negotiate better terms with their suppliers.
Crown Records Management is an industry leader in the field of secured document management services, document scanning and imaging, digital transformation, and secured destruction services.
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