Billing & Invoicing at Mindhives
It involves capturing, processing, and managing various types of documents related to billing and invoicing. Here’s a breakdown of how this process works, including the handling of different document types:
1. Scanned Invoices / Purchase Orders
What it is:
Scanned invoices and purchase orders are physical documents that have been digitized for easier storage, processing, and retrieval.
How Mindhives manages this:
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Scanning: Physical invoices and purchase orders are scanned and converted into digital files (e.g., PDFs or image files).
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Data Extraction: Optical character recognition (OCR) software may be used to extract key data (e.g., invoice number, amount, vendor details) from the scanned documents.
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Processing: The extracted data is entered into Mindhives' accounting system for further review, approval, and payment processing.
Why it matters:
This ensures that Mindhives can efficiently handle paper-based documents, turning them into editable, searchable digital files, which helps streamline billing and invoicing workflows.
2. Structured and Unstructured Documents
What it is:
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Structured documents: These are documents that have a predefined format, like invoices or purchase orders with consistent fields (e.g., invoice number, date, amount).
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Unstructured documents: These include less organized formats, like emails or handwritten notes, where data might not follow a standard structure.
How Mindhives manages this:
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Structured Documents: Use software tools to automatically extract and categorize data into the system, reducing manual entry and errors.
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Unstructured Documents: Use advanced tools like OCR, AI, or manual processing to extract relevant data, even if it’s not in a fixed format.
Why it matters:
Effectively handling both structured and unstructured documents allows Mindhives to ensure accuracy and efficiency, making sure even irregular documents are processed seamlessly.
3. Email Attachments
What it is:
Invoices and other billing documents may be sent as email attachments in formats like PDFs, Excel files, or images.
How Mindhives manages this:
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Automated Email Processing: Email attachments are automatically detected, and the documents are extracted for processing.
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Data Extraction: Tools like OCR or data capture software are used to extract the necessary data from email attachments (e.g., invoice details, vendor info).
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Integration: The extracted data is fed directly into the accounting system for further processing.
Why it matters:
By automating the processing of email attachments, Mindhives can quickly capture billing documents, reducing delays in invoicing and improving workflow efficiency.
Summary
At Mindhives, the billing and invoicing process involves:
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Scanning and digitizing physical invoices and purchase orders.
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Extracting data from structured (standardized) and unstructured (non-standard) documents.
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Efficiently processing email attachments with automated tools to capture and input invoicing data.
This streamlined approach reduces manual effort, enhances accuracy, and ensures that Mindhives can efficiently manage its billing and invoicing workflow.