When businesses expand, their need for managing invoices profitably also grow. Manual processes of managing a large number of invoices will lead to inaccurate data entry, lost or duplicate invoice, and additional delays while invoice automation can save those productive hours and efforts effectively.
Do you know that an efficient invoice processing can have a direct impact on your organization’s working capital management? Automation can help your organization to better manage risks and challenges related to cash management.
Automation and AI is the future of Procure to Pay process
Machine learning enables organizations to analyze spend data and identify patterns to develop better policies. Certainly, technology has always been a key driver for the businesses that demand growth and profitability. With the changing time, digital finance technologies are taking the upper hand in bringing lucrative gains in processes or workflows while businesses are looking out for scalable automation solutions to eliminate manual and paper-dependent procure to pay and accounts payable processes. No doubt about it that procurement and accounts payable are interlinked and won’t be wrong if considered as twins when it comes to streamlining and automating process workflow. The role of technology has drastically evolved with the introduction of Artificial Intelligence (AI) in finance technologies. It is making invoice automation more intelligent as the critical data is integrated and available for greater insight and analysis.
Time to automate is now
In the present era, organizations are witnessing a greater level of global competition and uncertainties which could impact their financial and operational integrity. A lack of cash-flow visibility and manual processes are among the major reasons why businesses are automating Procure to Pay and Accounts Payable processes to amplify growth and reduce costs. Businesses that adopt AP automation can reduce accounts payable and payment costs by up to 60 percent. In fact, according to PayStream Advisors, 82% of organizations reported a noticeable improvement after AP automation implementation.
As per the Ardent Partners’ recent state of ePayables Report 2017, the cost to process a single invoice typically decreases from $15.02 to $2.74, a saving of $12.28 per invoice by automating the entire procure-to-pay and accounts payable processes. This simply means If an organization processes 10,000 invoices per month, that amounts to savings of $1.44 million per annum.
- Finance reporting is simplified: Ease in reporting as finance managers will have a greater degree of visibility and can view or track the status of invoices from anywhere at any time.
- Data can be translated into different formats while ERP integration makes the reconciliation easier and faster: ERP data integration is easy and doable with automation in a very less time without data inaccuracy and duplication of data. OCR automatically exports and matches data in no time at all.
- Time optimization of your staff. Thus, improved productivity: Automation brings speed and agility into your Procure to Pay process and this saves a lot of time of your finance staff which was earlier spent in solving the AP issues. Even, it drastically reduces the invoice approval time and can save up to 75% of the time that was previously spent on approving invoices.
By automating your P2P processes, the system would be automating transactions, managing the flow of information, and routing invoice approvals, while the more advanced aspects would include matching, vendor validation, and alternate approvals. The future of invoice automation is demanding and our solutions are elevating the business processes through advance configurations and with a flexible approach.
Manual processes to manage invoices might be working for your business at the moment, however, growing organizations are switching to invoice automation solutions to gain quantify results.
Thanks for reading. Please share your thoughts or feedback by writing us at email@example.com
In today’s globally competitive business environment Organizations need to adopt and embrace automation, like never before. It is about corporate well-being! “If it ain’t broke, don’t fix it” is a cliché of the past. The processes of yesteryears although seemingly functional and prevalent in most organizations, may not be relevant in today’s business culture. To survive and grow, corporate CFO’s need to constantly and critically review and analyze the health of their companies, and put in place measures that ensure sustained profitability and operational efficiencies.
Accounts Payable is one such domain ripe for automation with significant impact on company’s costs, controls, and overall process efficiency. Managing supplier invoices are daunting, painful and cumbersome manual processes- laden with errors, mistakes, fraud, and risk. Future belongs to those who can connect finance to technology; implementing solutions for supplier invoice management automation. It comes handy to organizations that demand strategic growth, cost control, and better supplier relationships.
InvoiceAnywhere solution can be your organization’s strategic companions in gaining control of your procure-to-pay and supplier invoice management processes. This robust cloud-based solution automates the entire process in a jiffy! It instantly converts paper-invoices into 100% accurate data. Automatically performs 2/3/4-way PO matching, tracks and validates GST/SGST/IGST amounts; performs GL and cost allocations; and routes each invoice for approvals per your company’s policies and processes. Finally, the verified and approved invoices are posted to your ERP system for payments. The solution eliminates manual data entry, mitigates risk and fraud and accelerates your processes; provides visibility into your spend to make more informed decisions.
This will be the year of Invoice Automation!
Automating using InvoiceAnywhere can significantly reduce your invoice processing time and costs. The solution automates every aspect of your process. Eliminates duplicate invoices, validates and verifies against PO’s and provides cleansed data into your ERP. No mess, no mistakes, no manual data entry.
Velocity with Visibility. With InvoiceAnywhere, you will have 100% accurate invoice data capture and obtain complete real-time visibility into your corporate spend even as the invoices got processed and approved with high velocity, accelerating the process and recognizing dynamic discounts from early-payments to vendors.
Saves Time, Saves money! As all the data is automatically validated and reconciled, you need not spend much of your productive hours on unproductive tasks!
Optimize: It’s never too late for any organization to start doing the right thing! Implementing best practices in your Accounts Payable processes optimizes productivity and ensure effective control, reduces costs with increased vendor satisfaction, and morale of your accounting personnel.
One click expense reporting that speeds up processing, reduces costs, and keeps everyone compliant
Each New Year brings renewed excitement for growth and success. For the frequent business traveler, this includes less time spent on administrative necessities like expense reports. For CFOs and senior managers, it’s making sure that operating costs are contained or reduced in the interest of increased profitability. Automating the entire travel expense reporting and management processes accomplishes all of that, and executives at organizations of every type and size are looking to automate costly, inefficient, and error-prone business processes like these as one of their priorities in 2018.
Say goodbye operating costs by saying hello to paperless expense management
In today’s ever-changing global business travel landscape, business travelers demand speed, mobility, and agility in managing their expense reports. Business travelers don’t like to spend hours out of their productive day working on spreadsheet (or paper!) expense reports. Likewise, accounting departments find it more and more time consuming and difficult to organize hundreds and thousands of paper or PDF receipts just so they can manually enter the details into the accounts payable system.
ExpenseAnywhere automates all of that!
It automates receipt capture using our mobile app. It automates itineraries to expense reports. It automates the capture of out-of-pocket expenses like mileage, and so much more.
What’s more, we integrate with every accounting system out there. No more manual data entry in your AP systems by travelers or accounting once the expense report is approved.
CFOs and senior managers, you’ll have all the corporate spend data you need to manage cash flow and to know who is spending how much and with whom.
To amplify your travel and expense management workflow profitably, talk with us!
According to Aberdeen Group research, “organizations that leverage cloud expense management technology have experienced 28 percent lower expense approval times” and “27 percent lower employee expense report creation times.” Businesses are riding a momentum shift by automating their travel and expenses to shorten the approval and reimbursement cycle. Automated expense management workflows bring ease of use, help organizations to remain compliant and streamline the core expense report submission procedures within expense management system.
Will 2018 be the year you take full advantage of automation that reduces the costs of manual and paper-based invoice processing?
According to research by the Association for Image and Information Management (AIIM), the average cost of processing an invoice is $12.90. That average cost jumps to a staggering $18 to $25 per invoice for non PO-based invoices.
When it comes to paying those invoices, the Aberdeen Group reports that the average paper check transaction costs the accounts payable department $7.15.
What’s behind these costs?
According to an American Productivity & Quality Center (APQC) survey of 997 organizations, 62% of total accounts payable costs are labor. And what drives much of the need for that labor? The need for manual intervention due to data errors in POs, shipping and receiving documents, and invoices.
According to an article about the survey published in CFO Magazine, “Such errors prevent the buyers’ transaction-processing system from performing automatic data matches that are necessary for the system to designate automatically that a payable is “OK to be scheduled for payment,” and, “…the simple truth for most CFOs is that the cost of dealing with paper invoices is a burden that no longer can be justified.”
The good news for CFOs, Controllers, and the companies they work for is that invoice processing costs can be reduced by up to 80% by automating the manual processing of paper-based invoices and payments.
InvoiceAnywhere from ExpenseAnywhere is a paperless invoice management system that guarantees 100% accuracy of the data captured from vendor invoices while it reduces the time and labor, and therefore the operating costs, associated with processing invoices. By automating your existing accounts payable processes for processing vendor and supplier invoices in 2018, you will improve the overall financial performance of your business not only by lowering labor costs but also by eliminating costly errors such as duplicate payments, missed early discounts, and even the risk of fraud.
The costs savings with InvoiceAnywhere extend beyond accounting. Buyers, department heads, and other executives who today are occupied with manually reviewing, validating, routing, and approving supplier invoices will have more time to focus on the core business with InvoiceAnywhere thanks to the elimination of all data entry work and automation of all approval routings and processing.
And by automating these accounts payable processes, your accounting department and senior managers throughout the organization will have greater visibility into and control over corporate spending and cash flow.
Ensures agility in spend management: Manual and paper-based workflows in accounts payable create challenges to growth. Those challenges are rooted in increasing labor costs to process the greater volume of invoices that come with a growing business. Along with labor costs are challenges of accuracy with manual data entry. Those errors can include not just a mistakenly entered amount, but also a mistakenly allocated charge. With InvoiceAnywhere, companies and senior managers have a fully secured and integrated cloud-based invoice automation system where minimal manual work is required and where senior managers have spend data at their fingertips.
Improves supplier relations: Invoice automation with InvoiceAnywhere will help your business to improve and maintain good supplier relationships, and better supplier relationships will contribute in significant ways to your overall business growth. In addition to saving your company money, InvoiceAnywhere has the added advantage of being part of a strategy for attracting and retaining world-class vendors and suppliers who appreciate partners who invest in technology, especially when that technology ensures that their invoices are not lost, that they are paid on time, and that costly duplicate payments are never made.
Save time and money: Will 2018 be the year you take full advantage of automation that reduces the costs of manual and paper-based invoice processing? According to Developing People Globally, 57% of accounting executives spend 1 hour per day just searching for invoices or related documents. Automation with InvoiceAnywhere will give that hour – and more! – back to you, and will save you and your organization time and money by going paperless no matter the size of your business. Let us show you how.