Invoice Automation

What is Invoice Automation?

Invoice automation, also known as accounts payable (AP) automation or invoice processing automation, refers to the use of technology to streamline and optimize the process of handling invoices within an organization. It involves automating various tasks and workflows associated with invoice processing, such as invoice capture, data extraction, validation, approval, and payment.

In NetSuite, invoice automation can be handled by native SuiteApp like ZoneCapture, an AP automation solution that ingests invoices and then uses Optical Character Recognition (OCR) technology and GenAI to automatically scan and recognize relevant data in the invoice, reducing manual entry by up to 83%.

Related terms

Procure-to-Pay (P2P) or Purchase-to-Pay

Procure-to-pay (P2P), also known as purchase-to-pay, is the second half of the source-to-pay (S2P) cycle that deals with the operational aspects of acquiring and paying for goods and services.

Scan and Capture

Scan and capture is a process that uses AI and OCR (Optical Character Recognition) technology to digitize physical documents and capture relevant data from them electronically.

Source-to-Pay (S2P)

The source-to-pay (S2P) cycle includes all the activities related to sourcing and procuring goods and services. While closely related to procure-to-pay (P2P), S2P is much broader in scope.

Spend Visibility

Spend visibility is a company’s ability to track how and when capital is used across their business so they can better allocate resources.

Working Capital Ratio

Working capital ratio (WCR) helps businesses assess their ability to pay current liabilities. More specifically, this liquidity metric determines how many times a company’s current assets can offset these liabilities.