What is invoice processing?

What is an Invoice processing system?

An invoice processing system is a function used by the accounts payable department that consists of a number of steps from receiving the invoices from the supplier or vendor to the payment of the invoices and record in the ledger.

Karbon introduced a new feature where the invoices can be uploaded and managed in the Karbon dashboard.

Invoice Processing Workflow-

Receiving an invoice - The first step in invoice processing starts immediately after receiving an invoice. Invoices are sent from suppliers (or vendors) to buyers via fax, mail, email, or captured by an accounts payable system.

Accuracy Check- Once the invoice is uploaded, it can be checked against the existing purchase order or delivery receipts to check the accuracy. 

Send for approval- Once the accuracy check is done the invoice will be sent to the authorized person to approve the payment. ( If Maker-checker is enabled)

Paying the supplier- When the invoice is approved, the process can be moved to the final stage of processing the payment to the supplier or vendor.

Invoice payment tracking - Karbon will also track invoice payment processing, with calculation of total unpaid and overdue amounts for users.

For any further questions please drop us an email at support@karboncad.com