text: Automated invoice processing software in the cloud that cuts invoice processing time in half with flexible automated approval workflows. Test Palette’s automated invoice processing solutions today.
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  Automated Invoice Processing With Palette
  Keying invoice data into various systems is a high-touch, time-consuming process. Those who’ve invested in a fully automated invoice processing procedure will be able to cut time spent to one-fifth of the time to process invoices manually.
  Automated invoice processing software is no longer a question of if or why you should invest in it. Automated invoice processing has become a competitive necessity to be able to stay relevant in an ever-growing global market.
  An automated invoice processing system that can seamlessly ingest invoice data across multiple channels, will allow you to manage your end-to-end accounts payable workflows with ease.
  “We needed a system that could match our growth. With Palette, this is exactly what we have received.”
  Finn Rune Kristiansen • CFO at 4Service
  Key Features Of Invoice Processing Software
  Artificial intelligence - Speeding up processes
  Accounts payable is at the frontline of recording and verifying invoice data to spot exceptions and also make decisions on a case-by-case basis. With automated invoice processing, the artificial intelligence technology will do the heavy lifting for you, recording, verifying, and identifying potential issues. And in the process, learning the tasks requiring judgment, for example discerning the approvers for specific invoices, to speed up your AP invoice processing that is often slowed down by manual efforts.
  OCR - Real-time data input with high accuracy
  Paperless electronic invoice processing is nothing new. But for it to revolutionize the AP workflow, the invoice processing software needs to be able to do more than just convert documents into digital formats. That’s where ORC, or Optical Character Recognition, comes into play. OCR invoice scanning and invoice capture extracts the text and data in paperless formats and assigns it into the appropriate fields in a fully automated accounts payable process.
  If not for OCR, you’d just have a picture of the invoice, where you’d be required to input the data manually in your accounts payable invoice processing system.
  Purchase order matching - Reduce manual processing and focus on exceptions
  The process of gathering and reconciling invoices, PO:s, and approvals is a vital part of the AP workflow. At first glance, the task seems to be predominantly manual. But with automated invoice processing, that’s not the case. Palette’s accounts payable invoice processing system leverages the technology of business rules management system to automate the purchase order matching.
  By configuring guidelines and percentage tolerances, you can customize the guidelines for each seller. Our accounts payable invoice processing system reviews the digital invoices against the configuration, automatically approve invoices that comply with it, and match up with its purchase order. When the invoice and PO don’t match, the system sends it further to a designated approver to review the exceptions. Our accounts payable invoice processing system puts the focus on what truly needs attention, thus cutting down the manual workload of reviewing and matching invoices and PO:s.
  Benefits Of Automated Invoice Processing
  Automated invoice processing streamlines every step of your supplier invoice process, gives you more control over internal processing functions with better visibility and traceability, and improves the speed at which vendor invoices are processed.
  Reduce costs
  The cost of processing invoices comes from manual labor, inputting invoice data and information, storing physical invoices and routing the invoices for approval. Automating the process saves both time and effort and reduces the risk of costly human errors.
  Remove human error
  There’s no reason to rely on email and spreadsheets to handle and manage supplier invoices anymore. While this method works it relies on manual data entry which takes both time and effort. Where a human can make errors in the invoice processing workflow, ap automation. repeats the same process according to configurable business rules.
  With Palette’s invoice processing software, the process of handling invoices is automated. Avoid manually organizing incoming invoices or manually entering dates. Incoming invoices are stored as an attachment or scanned image in a central cloud-based database where they are searchable and can be matched with the right purchase order.
  Eliminate late fees
  No matter the size of your organization, invoices will be misplaced or forgotten. Many vendors will charge a late fee for missed payment, affecting both credit ratings and your organization’s cash flow.
  With automated invoice processing software the risk of missing an invoice due to human error is reduced, ensuring invoices are paid on time. This helps you maintain a good relationship with your suppliers.
  Integrates with your ERP
  Palette integrates with over 50 ERPs, and connects seamlessly with popular ERPs such as NetSuite, Workday, Dynamics, SAP, and more.
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  Why Choose Palette’s Invoice Processing Solution?
  Slash invoice processing costs in half
  Easy to process invoice for payment
  Automated workflow handles PO and Non-PO invoices
  No-match or non-PO invoices are sent to the appropriate approver
  Drag and drop workflows for ad-hoc rerouting – no coding required
  1-click approval in email with all documents provided
  Optional intelligent 3 way matching of Invoices, POs and goods receipts
  More Control, Faster Workflows And Reduced Cost
  Any reference data can be used to auto route an invoice to a specific approval workflow or role. No other system can give you the opportunity to maximize straight through processing metrics.
  The process and approval of invoices is fast and efficient wherever you are – using your laptop, smart phone, tablet or email system.
  Approval workflow is fully automated and easy to deploy by business users. The supplier invoice format can be scanned, electronic, or email.
  Optional Intelligent 3 Way PO Match has a cascading matching engine that matches against purchase orders at the header or line level.
  Full integration with Your ERP using Palette’s Rapid Deployment Connector
  96% feel that Palette fulfills expectations. Trusted by Banks in the US and Europe with full security and compliance accreditations.
  What is electronic invoicing?
  Electronic invoicing refers to the sending of digital invoices, so called e-invoices. There are several different electronic formats, for example EDI-invoices or XML-invoices. A PDF-invoice sent via email is the most simple format of an e-invoice. In many countries it’s already mandatory to send electronic invoices and it’s the preferred method for most organizations. Electronic invoicing reduces paper usage and eliminates manual keying of invoice data into the ERP or payment system.
  What is invoice processing?
  Invoice processing refers to all tasks involved in processing a supplier invoice within an organization. It includes reception and capturing invoice data, approval of the invoice and/or matching against a purchase order or contract, account posting and payment of the invoice.
  This whole process is traditionally performed manually by an accounts payable department, but with new technology the steps can become fully automated. Using invoice automation software will save you both time and effort.
  What is electronic invoicing processing?
  Electronic invoicing processing, also known as paperless invoice processing or digital invoice processing, refers to all tasks involved in processing a digital supplier invoice. The process is identical to invoice processing of a paper invoice, excluding the scanning
  What is invoice management?
  Invoice management is the tasks involved with processing invoices. Most often it refers to the processing of supplier invoices within an organization. This task is often carried out in the Accounts Payable function.
  What is a tolerance limit with respect to invoice processing?
  A tolerance limit is the amount that an invoice is allowed to differ from the underlying purchase order or contract. In a modern invoice processing solution, the tolerance limits can be configured, which means that invoices with small deviations from the expected amount can be processed automatically, without additional manual control.
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  Perryman processes 25,000 vendor invoices every year and have Aptean as their ERP. Manually entering invoice data was not only time consuming and resource intensive, manual errors and missed documents were also problematic.
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  Palette Software was founded in 1993 in Stockholm and has offices in the United States and the Nordics. Palette solutions are available through a growing network of partners in some 50 countries in North America, Europe, and Australia.
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