Invoice, the Critical Business Document, Explained [2020]

“Sales cures all” is a commonly accepted and mostly accurate piece of business wisdom. Sales does not translate to revenues if your company can not issue invoices. And your company can not deliver its services or products if it does not pay the invoices of its suppliers. Here, we explain all there is to know about invoices.

What is it?

Invoice is a document that summarizes relevant details of a sale so the buyer can pay the seller.

According to Wikipedia:

An invoicebill or tab is a document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer. Read more

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Invoice Capture: Guide to most firm’s first AI purchase in 2020

Invoice capture is a growing area of AI where most companies are making their first purchase of an AI product. This is because invoice capture is an easy to integrate solution with significant benefits.

While digitization helped automate numerous processes, mostly rule based software was used in digitization. Invoice capture software is different. Invoice capture involves both reading the invoice text with Optical Character Recognition (OCR) and understanding its context with machine learning.

We answered all your invoice capture related questions: Read more

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Invoice Processing: First Process to Automate in 2020

Invoice automation (also called automated invoice processing) is a maturing area of automation with limited implementation risks and significant benefits. Invoice automation would free up back office finance/procurement teams to focus on higher value added tasks.

What is invoice automation?

To understand invoice automation, it makes sense to understand what an invoice is and the different types of invoices from an automation perspective. Invoice automation is a critical part of a company’s procure-to-pay (p2p) process (also called source-to-pay s2p) and is part of the company accounts payable management. Read more

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