Take Control of Your Invoice Approval Process!
Purchasing teams around the world use Kissflow to simplify their invoice management process and improve their spend culture.Get Started
Restore Order in Invoice Approval
Kissflow’s invoice approval system speeds up the process, ensures compliance, and makes three-way matching easier with automation.
Auto PO Matching
Purchase order details are auto-populated in the form for easy comparison
Ensure deadline adherence with automated process flow and notifications
Implement policy and regulation change easily with a flexible application
Get in-depth spend insights from visual reports and interactive dashboard
Configure your own workflow with role-specific permissions and visibility
Customers Rave About Kissflow
Kissflow streamlined our invoice approval process. The electronic paper trail helps us track everything. Now, no request is overlooked and reports provide the finance department a clear picture of the expenditure.
Neil Freebern, Burr & Burton Academy
Kissflow is really intuitive and easy to use. Other software requires us to contact someone if we want to make a change. With Kissflow, we can do it all ourselves and track the complete invoice approval process.
Daniel Coppess, Quality Companies LLC
Invoice Management System Buyers Guide
What is an Invoice Management System?
An invoice management system is a digital internal business system used to manage invoices from vendors and suppliers. By using an invoice management system, invoice information can be extracted, verified, validated, and authorizations and payments can be approved. Furthermore, vendors can securely store the relevant information in the cloud or on their servers. To conduct audits, comply with regulations, and forecast, it is essential to have easy access to this data.
Who uses Invoice Management Systems?
An invoice management system is mainly used by accounting/finance, procurement, and accounts payable teams. Here's how each of them uses invoice management software.
Accounting departments usually receive invoices and put them through an approval process, which includes matching the invoice information with the correct sales and purchase orders as well as making the payment. It also eliminates the need for paper records, manual data entry, and mailing checks.
Procurement teams are involved in purchasing items for their company, and therefore need to be involved with approving POs related to their purchases. Invoice management software helps to reduce the time and effort spent managing tasks such as receiving and matching orders and invoices, making payments, and improving relations with vendors.
Accounts payable teams are involved in managing invoices and financial transactions between a company and its suppliers. These teams can deal with large volumes of invoices, and invoice management software can assist them in not only monitoring AP processing activities but also in reducing manual work and avoiding human errors.
Why use an Invoice Management System?
- Process data accurately
Having to process multiple invoices increases your chances of making errors. Manual invoice processing is fraught with inaccuracies. Online invoice management systems protect you from these mistakes. Duplicate payments, misplaced payments, and other errors in data entry are eliminated.
- Lightning fast invoice processing
Invoice management systems reduce accounts payable expenses, reduce human error, and double the speed at which invoices are processed. In the end, these benefits will reduce your invoice cost, improve your relationship with your suppliers, and reduce your vendor payment issues.
- Quick payment approvals
With invoice management software, users with the appropriate authority levels can automatically approve invoices, avoiding bottlenecks associated with invoice approvals.
- Reduce costs and save time
According to research, it can cost you up to $15 to manually process one invoice. However, issuing an invoice to your clients is even more costly and can cost you up to $40 per bill. This is without considering the additional labor costs and possible data errors. A lost or misplaced invoice, for example, can cost your business up to $200. Using invoice management systems, on the other hand, can save your business a great deal of time and money by eliminating the headache of dealing with this tedious process completely.
- Insights on the go
Your invoice information can be viewed on dashboards in an invoice management system. This way, you don't need to chase after paperwork to find out what your total payables are or what sales invoices are past due. Furthermore, invoice management systems generate invoice reports automatically, which you can use to monitor the health of your business' finances in real time.
Invoice management systems must adhere to security standards when storing data and processing payments. 256-bit SSL encryption ensures that invoices are safely stored once they are entered into the system. It's the industry standard for securely transmitting data over the Internet.