About Purchase Invoice Automation
The purchase invoice passes through multiple stages during its lifecycle from verification with PO, recording of the entry, reconciliation with GRN, and ultimate payment of invoice.
The technological interventionat each of these stages can not only increase accuracy and efficiency but also reduce the cost associated and claiming rightful ITC.
Why Purchase Invoice Automation?
Read purchase entries from physical and scanned invoices with Intelligent Document Processing (IDP)
Review vendors, perform KYC, and approve scanned copies
Reconcile Invoice details with PO, GRN as well as GSTR 2A & 2B data
Make payments based on vendors’ invoice status – Match | Mismatch | Near Match
Auto-create a debit note in case of differential amounts
How to ensure seamless procurement to payment with Vendor Post Box?
AI-enabled Intelligent Document Processing
- Purchase automation software will extract data from scanned invoices into machine-readable data to record purchases in business systems avoiding discrepancies in the process.
- Reconcile purchase invoices with PO and GRN as well as data available in GSTR 2A & 2B before recording the purchases.
- Based on vendor’s invoice- match, mismatch and near match status, make full, partial or no payments to protect your Input Tax Credit (ITC)
- Take benefit of the discounts or enhance business relations with timely payments after approval of invoices based on reconciled vendor’s invoice
- Generate a debit note based on differential amount
- The invoice status against the payments made, is updated at every stage of the accounts payable workflow, increasing transparency
- Post only authenticated e-Invoices and data available on GSTN in ERPs. Reduce manual errors, match your purchase with 2A, and automate workflows directly in your ERP systems