Digital invoice verification is an essential part of the modern business world, enabling companies to streamline and digitize their accounting processes. This article highlights the benefits, steps and best practices of digital invoice verification and explains how advanced software solutions - such as Konfuzio - support this process.
What is digital invoice verification?
Digital invoice verification is a process in which incoming invoices are checked electronically.
- recorded
- processed
- archived
and includes checking invoices for factual and mathematical accuracy and preparing them for accounting. The process is automated through the use of DMS (document management systems) and other digital tools, which leads to more efficient administration.
Key components of digital invoice verification
Automatic recording and classification
Invoices are automatically captured and digitized using software solutions such as OCR (Optical Character Recognition). This technology makes it possible to extract text from scanned documents and images and convert it into editable and searchable data.
Electronic archiving
After digitization, the invoices are stored in an electronic archive and this form of archiving ensures that all invoices are stored securely and permanently and are easily accessible and that legal requirements such as GoBD can be complied with efficiently and reliably.
Advantages of digital invoice verification
- Increased efficiency - Automated processes reduce the manual effort associated with invoice verification.
- Cost savings - Digitization reduces the need for physical storage and saves associated costs.
- Faster processes - The fast processing and archiving of invoices accelerates the entire accounting cycle.
- Improved accuracy - Reduces the risk of errors that can occur with manual processing.
- Compliance: Digital archiving ensures compliance with regulatory requirements.
This article focuses on digital invoice verification. The solution presented here makes it possible to check invoices, approve payments and archive them electronically in accordance with GoBD.
Automated processing of incoming invoices
Businesses of all sizes benefit from digital invoice verification. This reduces the daily file, paper and mail overload and optimizes the invoice verification process through artificial intelligence (AI) and established workflows.
How does the invoice workflow work?
- Digitize invoice
- archiving
- Intelligent invoice reading using OCR technology with Konfuzio
- Classification & matching of master data
- Digital invoice verification
- Digital invoice approval
- Booking / Interfaces
Digital invoice receipt
In addition to the manual upload of documents, these can also be automatically extracted from incoming e-mails or digitally retrieved from various portals, including Amazon, and automatically imported. In addition to incoming invoices, delivery bills and contracts can also be processed.
Automatic archiving of invoices
Every incoming receipt is automatically stored in a GoBD-compliant electronic archive in an audit-proof manner. This lays the foundation for no longer having to keep paper receipts. Thanks to full-text searches, this speeds up the process of finding the required documents quickly and also saves the space and costs of the usual paper archive.
OCR invoice recognition with Konfuzio
Using state-of-the-art text recognition and intelligent processes, the system reads relevant invoice data for pre-assignment in order to reduce manual activities to a minimum. In addition, the mandatory information required for invoice verification is automatically included in invoices. Further information on AI training can be found at OCR for invoices train
Supplement vouchers with existing accounting data
Is it an invoice or a credit note? Is there already a supplier number in DATEV or another third-party system? The software takes care of this matching for you.
Digital corrections of invoices
Should it ever be necessary, document data can be supplemented or corrected to ensure smooth, automated further processing and invoice verification.
Digital invoice verification even for complex verification scenarios
Even complex checking scenarios are easily mapped using intelligently configurable distribution lists. Vacation replacements, parallel checks, consulting "external ad hoc checkers", optional separate payment approval and reminder e-mails included. Every check and approval can be carried out at any time and any place. Naturally also on mobile devices.
Import invoices into Dynamics 365 Business Central and Datev
All document data is easily exported to DATEV or Dynamics 365 Business Central via interfaces. Depending on the interface, also including document images and inspection history.
Digitize invoice processing easily
You will be supported with the basic setup and commissioning of the software for digitizing invoice processing. The highly qualified team with many years of project experience is at your side and will be happy to advise you on best practice scenarios to ensure that your introduction of invoice processing digitization in your company is a success.
What is important to consider when digitizing invoices?
Where are the invoices stored?
Your invoices and other data are stored in our own ISO-certified data center located in Germany (Oberhausen) in compliance with GoBD. In addition to the data center, the processes are also certified and meet the highest security standards in terms of data protection and data security. Multiple daily mirroring of invoices, data and other documents on redundant servers and the daily backup of all data protects against data and document loss and rounds off the integration of third-party systems and audit-proof archiving to your advantage.
What is an incoming invoice?
An incoming invoice is an invoice sent by a supplier (vendor), which must be checked in the company, assigned to an account in the accounting department and paid. Invoice processing is a complex process that must be handled in a legally compliant manner so that companies do not suffer any disadvantages. The software simplifies this complex process of invoice processing.
Does the invoice have to be digital?
It doesn't matter whether invoices are received in paper form, as a PDF document, by email or in a digital format such as ZUGFeRD or XRechnung, because the system provides optimum support when entering and processing the documents for accounting and ensures efficient and error-free accounting.
Can the software also be used to digitize delivery bills?
Yes, in addition to credit bills and invoices, contracts and delivery bills can also be stored digitally for accounting purposes.
Is there a German-speaking support?
Yes.
What are future trends in digital invoice verification?
As technology continues to develop, digital invoice verification will continue to see innovations in the future and artificial intelligence and machine learning will be increasingly and more intensively integrated into the process in order to not only significantly increase the accuracy of verification, but also successively increase the level of automation. In addition, the processing of paper invoices will be completely and exclusively replaced by XRechnung from January 1, 2025.
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