Invoices are all about data – a load of it. Just imagine entering these data manually into your system! A mammoth task indeed – extremely time-consuming and subject to human error. That's why businesses that have a concrete growth plan prefer to invest in AP automation technologies. Their journey to automation begins invariably with the digitization of the invoices. These e-invoices come complete with scanning software that cut the hassles, time and costs associated with invoice processing. If you are a growing business that’s considering an upgrade of your accounts systems, you must be curious to know how an invoice scanning software works and the ways you can benefit from it.
To begin, these automation tools are designed to address one major bottleneck in the invoice processing – sorting. How? By supporting all invoices regardless of their formats, layouts and styles. You will find this tool particularly valuable if your business is into heavy international transactions involving multiple currencies. They are programmed to handle data in multiple languages while complying with specific tax and financial rules – all resulting in improved business performance and better return on investment.
Saves Time: By facilitating automatic matching and coding, and a system of online authorization, these tools help speed up the processing cycle.
Minimizes Manual Operations: Equipped with optical character recognition (OCR) technology, the scanning software automatically reads your invoice and input them into your accounting system.
Improves Vendor Relationships: By allowing your vendors to get a speedy response to queries and retrieve relevant data, scanning software helps save their time and call-back costs. The net result? An improved supplier relationship.
Enhances Productivity: Automation frees up your AP staff's time so that they, in turn, can focus on more strategic pursuits. In addition, it also allows authorized users other than the accounts staff to access and check invoice status. This facilitates organization-wide transparency and co-operation.
Streamlines Storage: Your AP staff will have an anytime-anywhere access to all your scanned invoices. You won't need to provide a separate storage space for them. This will let your AP staff avoid searching-hassles whenever they are in need for any particular document, subsequently saving on money and on document storage space.
Archives and Strengthens Security: Scanned documents are properly backed-up and are assigned different levels of security so that only authorized persons can gain access to them. These systems keep them safe and secure.
Automatic scanning of your invoices can save you time, hassles and money. So why stick to manual processes? Invest in a sophisticated e-invoicing system and take your business to the next level. Contact us for an AP automation solution that’s right for your business.