Invoice automation tools play a crucial role in streamlining and optimizing the invoice processing workflow. Here’s a breakdown of the key functions of these tools:
Monitoring Invoices: Invoice automation tools are capable of monitoring various channels through which invoices arrive, including email. When invoices are received via email, RPA bots or automation tools can be configured to identify these emails, mark them for processing, and either save the attachments or forward them to the next step in the workflow.
Data Capture: One of the primary functions of automation tools is to extract relevant data from the invoices. This includes information such as invoice number, date, vendor details, line item details, and total amounts. Automation software uses data extraction techniques to accurately capture this information.
Evaluating Invoices: After data capture, the automation software can perform various checks and validations. This includes cross-referencing the invoice against purchase orders to ensure that the items and quantities match. It can also apply VAT rules to calculate taxes and check for any duplications or discrepancies in the invoice data. This step ensures that the information on the invoice is accurate and compliant.
Recording Information: The automation tool can record all relevant invoice-related information in the company’s systems or accounting software. This step ensures that the data is securely stored and easily accessible for future reference or auditing purposes.
Making Payments: In some cases, automation tools can also facilitate the payment process. For example, they can automatically settle invoices that meet predefined criteria, such as invoices that are complete and accurate. This can save time and reduce the risk of manual errors in the payment process.
If you’re interested in pursuing a career in software architecture, understanding the architectural aspects of automation tools like these can be valuable. Software architecture involves making high-level design decisions and creating the overall structure of software systems, which is crucial for building effective and scalable automation solutions.
So, while working with invoice automation tools, you may encounter architectural challenges and opportunities that relate to the principles and practices covered by iSAQB. Gaining experience in software architecture could be a natural progression if you find this aspect of automation intriguing.