Invoice verification

The advantages & capabilities of electronic invoice verification

Monitor deadlines for payments and early payment discounts

Expedite invoice processing

Quickly and easily retrieve invoices

The advantages of electronic invoice verification

Companies can electronically verify and manage inbound invoices with the workflow and document management functions of an enterprise content management (ECM) system — and substantially reduce the disadvantages described above. And with an array of other commercial and operational benefits, that's not all electronic invoice verification has to offer:

  • Faster invoice processing
  • Each invoice is stored only once; no multiple copies in circulation
  • Protection against loss and manipulation
  • Easier to meet and monitor deadlines for payments and early payment discounts
  • Improved ability to supply information
  • Simple to retrieve invoices using powerful search functions
  • Process automation (e.g. inbound invoice processing)
  • Context-driven classification of invoices
  • Audit-proof archiving

More about inbound invoice processing with Doxis4 »

Electronic invoice verification with Doxis4 InvoiceMaster

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Advantages of invoice verification with Doxis4

Simpler inbound invoice processing

Doxis4 supports a range of scanning scenarios, from a single centralized scanning process to scanning documents at various locations. Digital invoices — such as those received via email — can be stored in Doxis4 for review directly from Microsoft Outlook. The invoice data required for verification is extracted automatically using optical character recognition (OCR), making it easy to validate the substantive and formal correctness of the invoice. Doxis4 factors in the legal requirements of invoice processing as well as company policies.

Invoices in the right context

Doxis4 puts the invoices in the correct context ("to which customer, offer or delivery note does this bill belong?"). Just as if it were paper-based, each invoice can be given annotations, comments and notes without having to modify the original document.

A fully documented verification process from end to end — with audit-proof archiving

In parallel to the invoice processing, the invoices are archived in an audit-proof way in Doxis4 with the corresponding posting-relevant data and documents. With the seamless documentation of all processing steps, the entire process is traceable.

Strengths & capabilities of Doxis4

  • Supports common formats and standards
  • Automated invoice reading using OCR
  • Reconciliation of data with master data from third-party systems, such as ERP
  • Certified compliance with legal requirements
  • Seamless verification of invoices from all kinds of media and channels, e.g. email, regular mail or fax
  • Add further colleagues to verification processes ad hoc at any stage
  • Subscription function for automatic notifications about approaching deadlines
  • Controlling and monitoring functions with automatic diagram evaluations
  • Audit-proof archiving of the entire invoice verification process

What does invoice verification mean?

Invoice verification refers to the examination of inbound (i.e. vendor) invoices by the accounts department. This process is broken down into formal and substantive components, and can be carried out electronically using the document and workflow management (DMS) functions of an enterprise content management (ECM) system.

Substantive verification

This step is to check for the existence of a payment obligation. Often, the invoice will be reconciled with context-related documents, such as the delivery note or original bid. Where an obligation is found to exist, the next step is to examine the contents of the invoice. The volume and type of items listed — i.e. goods delivered and services rendered — as well as the gross and net amounts are checked.

Formal verification

A formal verification of invoices checks whether the invoice contains all necessary data according to eInvoicing standards. According to many eInvoicing standards, an invoice must include the full name and address of the biller and recipient, the date of issue, an invoice number and date, plus the type and quantity of the services provided.
As soon as the form and content of the invoices are verified and found to be error-free, the invoices can be posted in the next step.

The hurdles of invoice verification

In 69 percent of companies, inbound eInvoices are printed out for verification and processing, as a study of the ibi research at the University of Regensburg revealed. They are usually copied multiple times before they are passed on to departments. The long transportation routes between individual departments - especially in companies spread across many locations - often mean that cash discount deadlines are missed and employees are unaware of invoice statuses. Delays in payment caused by such processes permanently damage the supplier relationship. In addition, the liquidity planning suffers because volumes and invoice amounts plus the exact number of invoices in circulation cannot be determined precisely. Reliable liquidity planning is therefore impossible.

A short definition

Before an incoming invoice can be released, it must be verified, because a company only wants to pay only the goods ordered and received. Formal verifications of invoices are required by many domestic tax laws.

Do you have questions?

We would be happy to answer your questions about invoice verification with enterprise content management.

Would you like to experience Doxis4 live? We would be pleased to present it to you in a live demo, either at your place of business or virtually. We look forward to hearing from you!

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