Fortunately, it does not have to be this way. To the rescue comes automated invoicing processing. Let’s dive into the benefits of this smart technology.
SAVES TIME
Automated invoice processing dramatically reduces the time your team spends working on invoices on any given day. One study found it can take invoice processing time down from nearly 21 days to less than four days.
STREAMLINES PROCESSES FOR EMPLOYEES
Operational efficiency is the name of the game. Employees tasked with processing invoices can get through them faster, freeing up their time for other assignments.
MINIMIZES ERRORS
As we all know, human beings are prone to making the occasional slip-up. Automation eliminates the need for manual input, which reduces invoice processing errors. This is an important consideration because mistakes—such as paying the wrong amount or paying on the wrong date—can cause headaches that slow down the clearance of invoices. Automation detects errors and duplications, which prevents your business from overpaying.
IMPROVES OPERATIONAL EFFICIENCY
With an automated invoice processing system, paperwork is easier to archive and retrieve. If customers or vendors need to check some figures, you won’t have to leave them hanging on the phone while you try to dig up an invoice. You only need to enter a simple search term, and the document you need will be available in a few seconds.
SAVES SPACE
By and large, filing cabinets are ugly, cumbersome, and take up valuable office space. But when files are kept digitally, there’s no need to store paper versions.
SAVES MONEY
Automation lets you save money by processing invoices before the due date, receiving early payment discounts, and avoiding late fees. You may also be able to leverage your timely payment schedule to secure additional discounts.
IMPROVES DATA SECURITY
In-trays and filing cabinets are hardly the most secure pieces of office equipment. Digital systems keep sensitive information away from prying eyes. You can set passwords and privileges, so the data is only accessible to the right people.
