The "Incoming invoice verification" refers to the process of reviewing and validating incoming invoices or invoice data by a company to ensure they are correct and legitimate before they are paid or booked. This process involves checking various aspects of the invoices such as the accuracy of the delivered goods or services, compliance with agreed prices and terms, completeness of information, and alignment with applicable legal and operational requirements.
Typical functions of software in the "Incoming invoice verification" domain include:
Automatic capture of invoice data: The software allows for the automatic capture of data from incoming invoices using OCR (Optical Character Recognition) technology or other methods of text recognition.
Data validation and comparison: The software validates and compares the captured invoice data with corresponding orders, deliveries, or contracts to identify discrepancies or errors.
Workflow management: The software supports the definition and management of workflow processes for processing incoming invoices, including task assignment, exception escalation, and deadline monitoring.
Approval processes: The software enables the setup and management of approval workflows for incoming invoices to ensure they are approved by the appropriate individuals or departments before they are paid or booked.
