"Invoice auditing" refers to the process of reviewing invoices for accuracy, completeness, and appropriateness. This process involves examining invoice data and documents to ensure they align with agreed contract terms, services rendered, and applicable regulations.
Typical functions of software in the area of "invoice auditing" could include:
Automated invoice auditing: Automated review of invoice data using predefined rules and algorithms to identify irregularities or errors.
Validation of invoice information: Checking the accuracy and completeness of invoice information such as prices, quantities, taxes, and discounts.
Compliance checks: Verifying invoices for compliance with internal policies, contract terms, and legal regulations.
Matching with orders and contracts: Comparing invoice data with orders, deliveries, and contracts to ensure that the calculated costs are correct and in line with agreed terms.
Workflow management: Managing the audit and approval workflow for invoices, including task assignment to appropriate individuals and tracking progress.