A study found that 37% of companies still process invoices by hand. Also, it costs companies $40 to $50 to process complicated invoices and $7 for simple ones.
Invoice automation is a process that helps businesses get rid of invoice workflows that are done by hand. Through automation, a software tool can now read invoices from vendors or suppliers, analyse them, and save them in the right accounts payable system. It is also set up to match invoices with the right purchase orders, process them, and send payments to the right vendors.
