Automation may aid in the improvement of processes almost anywhere in a business. Additionally, it can be a lifesaver for manual tasks like processing invoices.
Here are a few of the main reasons why you should use invoice automation, along with some of the most important benefits of doing so:
Cost Saving
A great way to reduce labour costs and expensive data errors.
“The cost to process a paper invoice is estimated to be between $10 and $50.” — ADOBE.
Along with the more obvious issues like labour and storage costs, there are a number of “hidden” costs that are often overlooked.
Some of these are wrong filings and losses, as well as manual routing, classification, and handling of the same invoice more than once. Finding misplaced or lost documents could cost up to $200 per invoice.
Basically, everything your teams hate about handling bills.
Absolute Accuracy
It took a lot of data entry to process invoices using conventional methods. More manual data entry means more errors. Therefore, it would be best if you could move toward automation as soon as possible.
- Automated matching handles 80 percent of bills from capture to payment.
- It almost eliminates human mistakes;
- The level of supervision required is not as high;
- Overpayment and repeat payments are almost eliminated.
- It automatically notifies your approvers of any exceptions for review;
In short,
The effectiveness and accuracy of reporting, budgeting, and auditing have all significantly improved.
“Time is the only thing you can not buy for yourself” — Bill Gates
Almost always, the time savings from automation are its biggest advantage. When your team doesn’t have to perform everything manually, they have more time to focus on other important tasks.
“It is not necessary to obtain signatures on paper bills.” Scannable invoices can be electronically marked, matched, and sent to the correct parties to speed up the approval and payment processes.
Invoice management software like Graip.AI can even eliminate a few steps that are currently holding you back. Pointless emails and follow-up Slack messages are no longer required!
Paperless = Less Carbon Footprint
Paper documents are a logistical challenge when it comes to preservation. If you ever need to discover the original invoice, you’ll have to go through vast folders and hope that the document in question was properly filed.
However, automated invoice processing is a whole new chapter.
More restrictions are expected from governments as the world moves toward limiting its carbon footprint. Stay ahead of the game.
Closing Thoughts:
These are just a few of the vast differences an “automated invoice management system” can make in your business.
Still, thinking about it?