# What is invoice management software?
Invoice management software is a system that helps businesses receive, process, track, and pay invoices efficiently. Key features include: invoice capture from multiple channels (email, upload, scan, supplier portals), automated data extraction using OCR and AI, 3-way matching with purchase orders, configurable approval workflows, integration with accounting/ERP systems (QuickBooks, Xero, SAP, Oracle), payment processing and scheduling, vendor management, spend analytics and reporting, document storage and retrieval, audit trails for compliance, and mobile access. Benefits include 70-90% faster processing, 98% fewer errors, improved cash flow management, early payment discount capture, and better supplier relationships. Leading solutions include SAP Ariba, Coupa, Tipalti, and AvidXchange.
## Key Takeaways
- Invoice management software is a system that helps businesses receive, process, track, and pay invoices efficiently.
- Key features include: invoice capture from multiple channels (email, upload, scan, supplier portals), automated data extraction using OCR and AI, 3-way matching with purchase orders, configurable approval workflows, integration with accounting/ERP systems (QuickBooks, Xero, SAP, Oracle), payment processing and scheduling, vendor management, spend analytics and reporting, document storage and retrieval, audit trails for compliance, and mobile access.
- Benefits include 70-90% faster processing, 98% fewer errors, improved cash flow management, early payment discount capture, and better supplier relationships.
## Related Topics
- invoice management software
- invoice processing software
- AP automation software
- invoice system