Is your invoice processing expediting your workflow, or slowing you down? If you’re still relying on manual data entry and paper-based processes, it’s likely that your invoices are having a negative impact on your bottom line. Inefficiencies in invoice processing can result in late payments, duplicate payments, and human error – all of which can add up to significant financial losses. Conversely, automating your invoice processing can help you to streamline your workflow, improve accuracy, and save money. Businesses process billions of invoices every year, and researchers predict that number may quadruple by 2035. By leveraging technology to automate repetitive tasks now, businesses can focus on more strategic initiatives that drive growth. In today’s competitive landscape, those that fail to embrace digital transformation will be left behind.
The accounts payable process can be lengthy and cumbersome, often taking 30 to 90 days per invoice. This can be costly for businesses, as late payments are all too common. In fact, a study by Atradius found that 87.6% of businesses in Western Europe and more than 90% in the United States report frequent late payments. However, with an automated solution, you can have invoice approval in minutes, without the need for human intervention. This can help to reduce costs and improve cash flow. Automation can also help to reduce the risk of errors in the accounts payable process, which can further save time and money.
Automated invoicing is the wave of the future…
and it’s one that can save you a lot of time and money. With automated invoicing, you can simply receive an invoice via email, and then with the click of a button, it’s automatically submitted for payment. This means that you don’t have to waste time manually inputting invoices into your system, and it also means that your suppliers can get paid more quickly. In addition, automated invoicing can help to reduce errors, since all of the information is entered electronically. This can save you both time and money by avoiding potential late fees or other penalties. Overall, automated invoicing is a great way to streamline your entire accounts payable process and increase productivity.
Approving invoices can also slow things down…
because the process often has to go through several departments for review. The workflow can be set up to be routed to the appropriate manager for approval automatically without paperwork sitting on desks or emails sitting in inboxes for days or even weeks. This can help to avoid further delays and lost invoices, which is a common pain point for many companies. Software can also set up notifications so that approvers (if needed) can act on the invoice right away. This can help to streamline the invoice approval process and make it more efficient.
Invoice automation is important for any growing business…
that wants to streamline and scale over time as efficiently as possible. Automation decreases all costs associated with processing a single invoice, and these savings can multiply across an increasing number of vendor bills a business naturally receives as it expands. With their time freed from mundane, error-prone tasks that are a reality for processes handled manually, staff can be reassigned to more strategic projects. Invoice automation also helps a company manage its cash flow, pacing payments so as not to drain its coffers. By automating its invoicing process, a business can improve its bottom line while ensuring that vendor payments are made on time. On the flip side, businesses on the receiving end, can avoid late payments and speed up order processing by reducing the time it takes to approve and pay invoices. Want to get started automating your business? Schedule a quick call with us today!
