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Although manual invoice processing is still popular, it is slow and could lead to errors and delays. Invoicing delays result in more expensive cost of operation, and invoices are often required to travel between different departments before being given full approval (and to be paid). Due to the delay in transferring information from invoices to internal systems the manual process is more susceptible to fraud.

Invoice automation solves secret issues

Automation is a great way to tackle the challenges associated with manual processes, by eliminating the human element. Automation also speeds up processes, decreases costs, and provides you with greater control over the outcome of your procedures. Accounts payable (AP) teams can fix workflow bottlenecks by taking an approach that is thoughtful to automated invoices without having to make huge radical changes to their systems.

How can you implement an automated solution for invoice processing

These steps will help you create an automated solution for your current procedure.

Examine current processes and establish goals: Businesses should be able to answer a set of questions in order to get more understanding of the current process of handling invoices. How does the company handle the invoices? Are they paper or electronic? What is the average time it takes to create an invoice? And how many invoices are processed annually? Once businesses understand where bottlenecks exist, it’s easier to find opportunities to make improvements to the current processes.

Identify organisational requirements: from the organization’s requirements, businesses need to determine the requirements that their invoice automation software must meet. If a company wants to improve accuracy and decrease inefficiencies, it’s essential that they select software that can facilitate seamless invoice matching. To identify the most important requirements, companies should develop a checklist that distinguishes their requirements from their wants and decide based on the results.

Choose the right automation tool: after the business has established its organizational needs, it’s time to evaluate accounts payables software providers and select the one that best fits the workflow for approval. The ideal software should automate invoice processing and be able to connect with the existing customer relationship management (CRM) as well as financial system, or line of business workflow software. It will also centrally and digitally archive all data using simple and secure access and improve compliance and auditing so that businesses can quickly and efficiently respond to inquiries for information.

Integrate with an ERP system: after businesses choose invoice automation solution it is recommended that they incorporate it into their enterprise resource planning (ERP) system to reduce the amount of time that employees have to switch between multiple applications to input the same data. This will allow for complete transparency in company expenditures, and ensures that all employees have access to a single data source.

Benefits of automation of invoices

The automation of manual invoices is more than keeping up to date with the latest technology. It offers many benefits that allow businesses to easily scale their processes. Its benefits include:

Automated workflows: Invoice automation improves workflows by closing the gaps and eliminating the problems due to manual processes. Automating tasks helps reduce the load on financial teams, increases the accuracy of invoices and reduces the amount of money wasted due to late invoices.

Increased security: Businesses can reduce their fraud risk by automatizing the invoice process and limiting access to non-authorized employees. Automated software also helps to prevent the creation of duplicate invoices or overinflated ones by alerting them for immediate examination.

Cost reduction and higher profitability: businesses with cash flow optimization have significant savings in overhead and reduced costs spent on processing invoices. Companies can optimise cash flow to identify the most advantageous terms for payments and take advantage of early payment discounts.

More visibility and information in real-time With invoice automation, companies have increased visibility into the status of their invoices and invoices. You can monitor each step and get real-time information to help you make informed decisions regarding your cash flow in the future.

Automating the process of invoicing manuals by eliminating manuals

The success of a business is dependent on its AP department. It’s accountable for keeping track of the amount owed vendors and making sure that payments are approved properly before they’re processed. If it relies on invoices that are manually processed, the risk of errors by humans, payment delays and fraud is very significant.

At DespaQ, we help companies minimize invoice processing delays, decrease expenses, and boost efficiency using our AP automation solutions. Utilizing how to get paid faster , companies can simplify and streamline their AP processes in a matter of minutes. They can also eliminate labour data entry and quickly locate documents with a robust, reliable system. Most importantly, our AP automation solutions are able to integrate seamlessly into finance systems already in place keeping the data in a secured central archive that allows for fast and error-free access.