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Although manual invoice processing is popular, it is laborious and can result in errors and delays. Invoicing delays result in higher cost of operation and invoices frequently have to be transferred between different departments before being approved in full (and paid). Furthermore, manual processes are more at risk of fraud due to the length of time required to transfer data from invoices to internal systems.

Invoice automated solves crucial problems

Automation is an effective method to overcome the issues caused by manual processes, by eliminating the human factor. It also improves workflows, reduces costs, and provides a higher level of control over procedures and their results. Taking a considered approach to automation of invoices can help accounts payable (AP) teams to overcome the bottlenecks in their workflow without making major disruptive changes to the existing systems.

How can you implement an automated solution for invoice processing

These steps can help you in implementing an automated solution to your current process.

Analyze current processes and set goals: Companies should answer a series questions to gain a better understanding of their current process for handling invoices. What are the company’s methods in handling invoices? Are they paper or electronic? What’s the average amount of length of time to process an invoice? How many are processed each year? It’s much easier for businesses to identify bottlenecks and make adjustments to their current processes once they are aware of these.

Find out the organisational requirements. From there, companies must determine the specifications that their invoice automation system has to fulfill. If a company is looking to increase accuracy and reduce inefficiencies, it is important to select software that facilitates an efficient invoice matching process. To determine the essential requirements, companies should develop an inventory that differentiates their requirements from their wants and then make a decision based on the results.

Find the most suitable automation tool: after the business has established its organizational needs, it’s time to review accounts payables software vendors and select the option that best fits the workflow for approval. The software must automate invoice processing, integrate with the existing financial systems as well as customer relationship management (CRM) software and allow the integration of other business workflow software. It must also centrally and electronically keep all data with simple and secure access. It should also improve compliance and auditing so that companies can respond quickly and accurately to inquiries for details.

Integrate into an ERP System Once businesses have decided to choose electronic invoicing for their calendar, they need to integrate the software to their existing enterprise resource management (ERP) system. This will decrease the time required for employees to switch between applications to input the same data. This will allow for complete transparency in company expenditures, and ensures that all employees work from a single data source.

Automating your invoices can give you numerous benefits

Automating manual invoicing is more than just keeping current with latest technology. It has many advantages that allow businesses to easily scale their operations. The advantages include:

Automated workflows: Invoice automation improves workflows by closing the gaps and reducing issues caused by manual processes. Automated tasks alleviate the financial burden on teams as well as improve accuracy and reduce unnecessary expenditure from late invoices.

Increased security: Businesses can cut down on the risk of fraud by automatizing the invoice process and limiting access to non-authorized employees. Automated software can also stop the creation of duplicate invoices or overinflated ones by alerting them for immediate examination.

Cash flow optimization can assist businesses in reducing cost of operations and cut costs. Companies can optimise cash flow in order to determine the most advantageous terms for payments and capture early discount on payments.

Improved visibility and real-time data With the automation of invoices, businesses can have increased visibility into the state of their payments and invoices. They can also monitor each step in real-time to make informed, timely decisions regarding the future flow of cash.

Automated invoicing eliminates the need for manual input

The success of a business is dependent on its AP department. It is responsible for tracking what’s owed to vendors and making sure that payments are approved properly before they are processed. It is dependent on manual invoice processing which increases the possibility of human error, delays in processing payments, fraud and other blunders.

At DespaQ, we help companies minimize invoice processing delays, decrease costs, and improve efficiency using our AP automation solutions. Using industry-leading automation software, companies can immediately simplify and improve their AP processes, eliminate labour entry of data, and swiftly find documents within a robust solid system. Our AP automation solutions seamlessly integrate into existing finance systems and re-use information in an archive that is centrally located to provide speedy and secure access.