Invoices. Can’t live with them, can’t live without them. Invoicing might be crucial to the running of a business, but that doesn’t mean people like working with them. And who can blame them? Invoicing is cumbersome.
Our research at ExpenseAnywhere revealed that 90 percent of companies worldwide still use paper systems for their invoicing. While most invoices are submitted via email, fax or EDI, five to seven percent of invoices are still sent through the mail. When accounting for printing and the manual entry of data, up to 96 percent of invoices are on paper. All the data must be entered into the system manually and then converted to electronic data.
But what if you could cut out the middleman and convert paper data to electronic data immediately? With InvoiceAnywhere, you can.
Traditionally, the invoice is printed, verified and sent to the appropriate manager for approval. Accounting then enters the data manually into their ERP systems before sending it to the CFO. Vendors can also send invoices directly to the accounting department based on the original terms and conditions.
Or you could automate your invoicing – and save a lot of time and money in the process. Here’s how.
People can upload invoices directly to the InvoiceAnywhere app via scan, email or fax. The invoice travels through the server, where it is analyzed by OCR, machine learning and artificial intelligence. This technology will detect any problems with the account number, routing number or name and alert the user.
If there are no issues, InvoiceAnywhere converts the paper data into electronic data. The electronic data is sent through a PO matching process, where it can be approved or denied. If approved, it goes on to the accounting department, and the goods / services are charged to a specific expense account. Processing an invoice manually takes days. With InvoiceAnywhere, it takes seconds – and the results are error-free.
People have bottom lines to grow, dreams to follow, and goals to set. They can’t do that if they’re manually keying in data or tracking down lost invoices. To learn more about how InvoiceAnywhere can help your business, visit us at https://www.expenseanywhere.com/ or call us at 412-858-1111.