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While manual invoice processing is popular, it is time-consuming and can lead to errors and delays. Invoicing that is slow can result in increased costs and invoices have to often travel through different departments before they’re accepted (and paid). In addition, manual processes are more susceptible to risk of fraud due to the length of time needed to transfer invoice data into internal systems.

Bill automated resolves crucial problems

Automation can be utilized to eliminate the human element, and eliminate the problems that are associated with manual processes. It also accelerates workflows, reduces costs, and provides a higher level of control of procedures and the results. Accounts payable (AP) teams can fix workflow bottlenecks by taking a thoughtful approach to automating invoices without the need to make significant radical changes to their processes.

How can you implement an automated invoice processing solution

These steps can help you create an automated solution for your current process.

Review current processes and set goals: Companies should respond to a set of questions to gain an understanding of their current invoice handling process. What is the approach of the business to handle them? Do they arrive in print or electronic format? What is the time it takes to process an invoice? And how many invoices are processed each year? It’s easier for companies to pinpoint bottlenecks and implement changes to their procedures once they are aware of the issues.

Determine your organization’s needs. Companies must determine the specifications that their invoice automation software needs to meet. For example, if a business aims to improve the accuracy of payments and eliminate inefficiencies, then selecting a software that has a simplified invoice matching process is essential. To determine the essential requirements, companies should develop an inventory that differentiates their wants from their needs and decide based on the results.

Find the most suitable automation solution: when the business has established its organizational needs, it’s time to review accounts payables software vendors and select the one that best fits the workflow for approval. The software should automate the processing of invoices, connect with existing financial systems as well as customer relationship management (CRM) software, as well as allow for the integration with other business workflow software. It should centrally save all data, with quick and secure access. This will allow businesses to react quickly and efficiently whenever they need information.

Integrate into an ERP system Once businesses have chosen a invoice automation solution and integrate it into their company’s resource planning (ERP) system in order to cut down the time employees take to switch between different applications to enter the same information. This allows for complete transparency of company expenses and ensures that all employees are working for a single unified information source.

Profiting from the advantages of automated invoices

Automating the manual process of invoicing involves more than keeping up with the latest technologies. Automating the manual invoicing process could bring many benefits to businesses that allow them to scale up their operations easily. These advantages include:

Automated workflows for invoice automation simplifies workflows by closing gaps and eliminating pain points that are due to manual processes. It automates tasks to ease the burden of financial teams, improve accuracy, and eliminate unnecessary spending from overdue invoices.

Businesses can enhance their security by automating the processing of invoices and restricting access to non-authorized employees. Automated software can flag duplicate invoices and alert them for review immediately.

Optimizing cash flow can assist businesses in reducing expenses and reduce overhead. Optimising cash flow also helps businesses identify the best payment terms and how to get early discount on payments.

Improved free invoice template and real-time data Through invoice automation, companies gain greater insight into the status of their invoices and invoices. They can also monitor each step with real-time data to make timely, informed decisions about future cash flow.

Automating the process of invoicing manuals by eliminating manuals

The success of a business is dependent on its AP department. It is accountable for tracking the amount owed to vendors and ensuring that all payment approval is granted before they are processed. It is dependent on manual invoice processing which increases the possibility of human error, delay in payment, fraud, and other errors.

DespaQ can help businesses cut down on invoice processing delays, reduce costs and improve efficiency by implementing the use of our AP automation solutions. Using industry-leading automation software, businesses can quickly simplify and streamline their AP processes, reduce the need for entry of data, and swiftly locate documents in a strong, reliable system. Best of all, our AP automation solutions are able to integrate seamlessly into finance systems already in place and store data in a secure central archive for quick easy access without errors.