System and method for management and verification of invoices

In order to improve the efficiency, speed and accuracy of invoice processing while providing flexibility that may be used to efficiently resolve many different types of invoice exceptions, an invoice management system (210) is proposed. The invoice management system comprises: €¢ an invoice data repository (212) adapted to store the transformed invoice data; €¢ a context builder (214) in operative connection with the invoice data repository and with a number of additional electronically accessible data sources (220, 221), the context builder being adapted to automatically retrieve additional information corresponding to the invoice data in accordance with required invoice data fields; and €¢ an invoice processor (213) in operative connection with the invoice data repository and the context builder, the invoice processor being adapted to verify each invoice according to a plurality of rules on the basis of the invoice data and the additional information and to create an exception for each unsuccessfully verified invoice.