Invoice Processing is the accounts payable function of handling incoming supplier bills from the moment they are received through to the point of payment. It encompasses verifying invoice details, recording the invoice in the accounting system, obtaining necessary approvals, and executing payment by the due date. In other words, invoice processing involves the end-to-end workflow of managing vendor invoices from arrival to final settlement
. Urbancore Tech’s Invoice Processing services streamline this critical workflow for businesses, ensuring that all your vendor bills are processed efficiently, accurately, and on time. By leveraging automation and best practices, we help clients prevent errors, avoid late fees, and maintain strong relationships with their suppliers. Our invoice processing service begins when an invoice is received. Suppliers may send invoices via email (PDFs), electronic data interchange (EDI), or even paper mail; we support all formats by digitizing and centralizing them. For paper invoices, we scan and use OCR technology to capture the details electronically. For emailed or electronic invoices, our system can automatically ingest them. Each invoice then goes through a verification step: we confirm that it’s a legitimate invoice addressed to your company, not a duplicate, and check key details like the vendor name, invoice date, purchase order number (if applicable), and the billed amounts. If your company uses purchase orders (PO) for procurement, we perform a 3-way match – comparing the invoice against the corresponding purchase order and goods receipt. This control step, a standard in accounts payable, ensures that you were billed the correct quantities and prices as per the PO, and that the goods or services were actually received satisfactorily
. Any discrepancies (for instance, the invoice amount doesn’t match the PO or items haven’t been received) are flagged for review and resolution before payment (this protects against overpayment or fraud
Once verified, the invoice is coded to the proper expense accounts and cost centers in your accounting system. Urbancore Tech maintains a pre-defined approval workflow tailored to your organization’s policies: for example, invoices under a certain dollar amount might auto-approve, while larger invoices route to a manager or department head for sign-off. We use workflow software to route these invoices digitally to the right approvers, notifying them promptly.
Approvers can review the invoice image and details, then approve or query it online – eliminating paper shuffling. Our team monitors these in real time, sending reminders if approvals are pending too long to avoid delays. After approval, the invoice is queued for payment. We schedule payments in alignment with due dates, utilizing any payment terms advantages (for instance, if there are early payment discounts like “2% 10, Net 30”, we’ll aim to capture those savings by paying within 10 days when cash flow allows). Payment execution can be done via electronic transfer (ACH, EFT), check printing, or other methods based on your preferences – all managed securely. We ensure that each payment is correctly applied to the invoice in the system, and once paid, we mark the invoice as closed and store it (along with all approval records) for audit trail purposes. Throughout this process, data is recorded and synced so that your general ledger reflects the liability (accounts payable) when the invoice is recorded and the expense in the correct period. We also reconcile the accounts payable ledger with actual payments and vendor statements to catch any omissions or duplicates. By entrusting invoice processing to Urbancore Tech, clients reap numerous benefits. Efficiency gains are among the most noticeable. Processing invoices manually is time-consuming – opening mail, keying in data, chasing approvals, cutting checks – especially as a business grows and the volume of bills increases. We significantly accelerate this cycle through automation and a dedicated focus. Many invoices can be processed touch-free or with minimal intervention, meaning your payable cycle shortens.
A shorter cycle can improve your rapport with vendors (who appreciate prompt payments) and can even bolster your credit standing.
Error reduction is another key benefit. Our systematic checks and 3-way matching catch common errors such as invoiced items that were not received, mispriced goods, or duplicate billing (a vendor accidentally sending the same invoice twice). By intercepting these issues, we prevent overpayments and the tedious task of reversing transactions later. According to accounts payable best practices, a robust invoice processing system greatly diminishes instances of overbilling or fraud
, and Urbancore Tech implements those best practices on your behalf. Cost savings come in several forms: first, by avoiding late payments, you eliminate late fee penalties and interest charges. We carefully track due dates so that invoices are paid within terms (or earlier if beneficial). Second, by capturing early payment discounts when offered, we directly save you money on purchases. Third, the efficiency of our service often means you don’t need to maintain a large in-house AP staff – we handle the heavy lifting at a predictable service cost, which can be lower than employing additional full-time personnel, especially when considering the scalability we offer during peak invoice periods. Better cash flow management is another advantage. With our detailed tracking,
you always have visibility into upcoming payables. We provide reports on what payments are due when, which helps you plan your cash needs. You can strategize – for example, decide to utilize full payment terms on all invoices during a tight cash month, or conversely, pay early to reduce liabilities when cash is ample. Additionally, by centralizing invoice data, we give you the ability to analyze spending patterns: you might identify your largest vendor expenses, or spot opportunities to negotiate better terms with a supplier based on volume.
Enhanced record-keeping and audit readiness are built-in benefits as well. Every step – from initial receipt, any exceptions, approvals, to final payment – is logged. Come audit time or any financial review, you can readily pull up invoice images, who approved them, and proof of payment, satisfying compliance requirements with ease. Finally, using Urbancore Tech for invoice processing contributes to a streamlined procurement-to-pay process overall. It closes the loop efficiently: when your purchasing team issues a PO and your receiving team logs a delivery, our AP service ensures the final financial step (payment) aligns perfectly.
This integration fosters internal trust – departments know that once they’ve done their part, vendor payments will be taken care of professionally. In summary, our Invoice Processing service transforms a traditionally laborious function into a smooth, automated flow. Businesses benefit from quicker turnaround, fewer errors, and the assurance that every vendor invoice is handled with accuracy and timeliness. We combine technology (invoice scanning, workflow automation) with our accounting expertise to provide a solution where your payables are not just managed, but optimized as a part of your broader financial strategy – supporting strong vendor relationships and a solid reputation for operational excellence.
