A report from the Institute of Finance and Management highlighted the fact that human error is a constant threat in manual procedures – typically, about 3.6% of supplier invoices include errors. Therefore, a considerable degree of care and attention is needed to ensure accuracy. Automated invoice processing is an effective yet easy way to eliminate the chance of errors. This is where invoice management software comes into the picture.
Before automation, the manual invoice processing workflow involves the following steps:
- Analyze the invoices and then understand relevant data from each of them
- Entering the data into the ERP system so that payments and system records would be complete
- In a few rare circumstances, the team might find discrepancies and consult the supplier to resolve the issue
Manual entries of data into internal systems, lost documents, and error-rate is increasing with fluctuating amounts of invoice processing coming in every day in all sorts of formats. Moreover, the invoice should be entered into the correct accounts and cost centers on projects. If an invoice has a price discrepancy, it must be sent to the finance manager for final approval. This becomes a tedious process and a gigantic task when data needs to be manually copied from a paper receipt or a PDF to the ERP portal, resulting in human errors.
Mentioned below are steps that invoice automation typically involves:
- Monitoring for new invoices
- Invoice capture and evaluation
- Email notification
- Automatic Payments
Reduced expenses in processing the invoice and eliminating human errors in invoice creation are two of the most crucial benefits that automated invoice processing offers. Invoice management software also helps avoid penalties and late payments and, consequently, improves the service to the vendors. Therefore, employees can focus on activities with higher value addition, and there is a faster turnaround on payments, thus benefiting the organization as a whole.
Using an automated system can reduce invoice processing costs by 75% to 85% while simultaneously reducing errors. Automated invoice processing software can automate everything right from downloading invoices and data input to error reconciliation and feedback in case of discrepancies.
Forget about the constant need to double-check figures and switch to invoice automation software.
The time is ripe for any industry to look beyond manual efforts and discuss automation initiatives in their innovative business and organizational plans. Our team of creative automation experts will guide you on setting up an automation platform tailor-made and customize based on your firm’s requirements.
Get a free consultation or contact us at EasyAccess today!