Procure to Pay helps you manages the entire lifecycle of collecting invoices, verifying and authorizing them for payment. Procure to pay begins when you receive an invoice (e.g., a PDF) and leverages automated extraction and analysis to streamline approvals, detect anomalies, and ensure spending is tracked correctly. In other words, it provides a clear, automated way to:
Capture an incoming invoice (in PDF or other formats).
Extract critical information from the file (like vendor name, amount, date, line items).
Perform anomaly detection by comparing the invoice to past transactions and established patterns (checking for spikes, suspicious vendor activity, or incorrect amounts).
Route the invoice for approval, ensuring the right stakeholders can quickly decide if a payment is correct or not.
Close the loop by enabling payment authorization once the invoice is verified.
Through these steps, procure to pay streamlines the budgeting and cost-control process, helping teams ensure all invoices are valid, within budget, and free from fraudulent activity.