Many finance teams are constrained by manual processes that require them to spend large amounts of time on repetitive tasks. Accounts payable teams are inundated with documents which require printing, copying, scanning and filing. They also need to distribute documents around the business and manually input data into accounts systems whilst also chasing for various levels of approval to fully process these documents.
However, by implementing an invoice processing solution you can streamline procedures to help you fully utilise your finance department. You can also use intelligent data capture alongside digital workflows to automate your current manual business processes.
Here are six reasons why your organisation should consider automating your invoice processing:
- Centralise your financial operations – Digitising both your financial processes and document storage allows staff to perform their jobs regardless of their location. This means that management of financial departments can be centralised giving better control over your business processes and delivers greater flexibility to your staff.
- Speed up your approval process – after digitising your financial process the system will be able to automatically send out notifications to all employees when there is a new task to complete. It can also send out subsequent reminders and automatically escalate incomplete tasks to additional employees if they are not completed within the required timeframe. As the digital workflow can handle multiple users per task, concurrent approval processes, automatic re-routing and remote access, there are no reasons why any task should be lost or delayed.
- Reduced Storage Cost – By law, UK companies have to keep financial records for seven years creating a huge volume of documents that need to be saved. In addition to taking up valuable office space, many businesses will also send their documents out to external storage companies. Using a document management and invoice processing solution enables organisations to completely eliminate paper files and store documents digitally instead at a fraction of the cost.
- Instant Invoice retrieval - Any document can be retrieved via a powerful full text search, even random information on any page of any document can be found instantly. In addition, these documents can also be found and accessed remotely eliminating the risk of lost or inaccessible invoices, delivery notes, purchase orders and any related documentation.
- Connect your disparate finance software – Deploying an invoice processing solution allows an organisation to integrate their various purchase, stock and accounts systems together. This gives a new single interface which can keep all business critical information up to date across all platforms and locations.
- Make Audits Simple – Large accountancy firms are now digital so accept scanned, pdf backups, or digital reports. Thus, a document management and invoice processing solution is perfectly placed to support this new way of working whilst also saving your organisation huge amounts of time and expense.
Register for our webinar to learn more about the benefits of automated invoice processing.