Context

Invoice Processing

Invoices are essential to conducting business but can also be a major source of frustration. Manual invoice processing can cost $12-30 each when done manually. Managing invoices manually can be time-consuming, confusing, and error-prone, leading to delays and frustration for organizations and customers. 

By using Symphona’s automation and AI tools to streamline invoice processing. Your organization can automatically generate invoices and track and monitor the status of each invoice, resulting in less errors and more time and manpower to dedicate to more complex tasks and fewer instances of manual review. 

Solution

How Symphona Helps 

By using Symphona Flow and Resolve to automate invoice processing and catch errors, organizations can lower processing costs by over 40% and lower invoice-to-payment turnaround times by up to 85%.

Symphona tools are no-code, allowing for people of any technical skill to use them. Furthermore, with Symphona operating on a usage-based system, your organization only pays based on how many automations you use. 

Use Flow’s automation tools alongside Optical Character Recognition (OCR) technology to analyze contractor invoices and identity items like:

• Address
• Company name
• Phone number
• Email
• Items
• Tax codes
• Amount
• Payment terms

Flow can analyze these items and compare them against set criteria. If they meet the criteria, they’re flagged for manual review and tracked within Resolve. If information is missing, Flow can automatically contract contractors to obtain the missing information. 

Flow can also automate tedious and repetitive steps – such as invoice receipt and bookkeeping – so that staff only need to review essential operations.

Depending on company policies, invoices may need to be approved by multiple departments. You can design workflows with Flow to arrange this approval process by providing dashboards to enable staff to identify what approvals remain before payment and reports to help locate operational bottlenecks. 

Following the invoice approval process, automated workflows can transfer agreement data to bookkeeping/accounting software, including Xero, Intuit Quickbooks, Netsuite ERP/SRP, Finsync, and SAP ERP, link them in contractor databases / CRMs, and issue the payment.