A Statement is Not an Invoice

Our accounts payable automation SaaS is specifically designed to process invoices, which are distinct financial documents that provide detailed information about individual transactions. It is important to understand the differences between a statement and an invoice to ensure smooth processing within our system.

1. Why Statements Are Not Supported
   Statements are summary documents that provide an overview of an account's activity over a specified period, often listing multiple invoices, payments, credits, or balances. They do not provide the necessary line-item detail or structure required for accurate data extraction and processing.

2. Key Differences Between Statements and Invoices

   • Invoice:
     • Represents a single transaction.
     • Includes detailed line items, amounts, tax, due dates, and vendor information.
     • Serves as a request for payment for specific goods or services.
   • Statement:
     • Summarizes multiple transactions, including outstanding invoices and payments.
     • Often used for account reconciliation, not as a payment request.
     • Does not provide itemized transaction details required for accounts payable workflows.

3. How to Handle Statements

   • If you receive a statement, review it for any outstanding invoices.
   • Submit each individual invoice included in the statement for processing.
   • Ensure that the documents uploaded to our system are proper invoices generated from typewriters, computer software, or machine-readable formats.

4. Best Practices
   To prevent delays, ensure that you are uploading invoices instead of statements. Invoices contain the detailed transaction data needed for accurate OCR capture and processing.

By distinguishing between statements and invoices, you can maximize the efficiency and accuracy of your accounts payable automation. If you have any questions about supported documents, feel free to contact our support team for clarification.