Invoicing Automation: the Main Reasons Why You Need It
Companies are increasingly recognizing the need to automate their finance department. Organizations feel the necessity of creating a future where invoicing is not a time consuming and boring process anymore.
This is not surprising since invoicing is the easiest way to receive payments for the services/goods provided. The automated process requires minimal effort. All you need to do is fill in a simple invoice form. You can send an invoice to both email and any messenger. Fast, easy and convenient.
Manual data entry is one of the most time-consuming steps in processing invoices. Since the team needs to make regular checks, any employee can make mistakes that threaten the organization with long processes, and, sometimes, contract fines.
By using business process automation, errors are eliminated through electronic document verification. If documents are scanned and recognized by the system, this reduces the time to process one invoice significantly. Also, the loss of payment documents is prevented, by having all of them archived and found in case of need.
Most invoices require constant monitoring. Without automation, the team spends several days creating, completing, checking, and preparing all paper documents. In this case, there is a great probability that the invoice will be lost. It can lead to a violation of deadlines and dissatisfied customers. Automation allows you to stimulate and optimize this process. This way each team member has access to a single common system as well as is informed of the current changes related to all transactions.
The system can identify and get all the necessary data from the invoice, such as supplier, invoice number, date, amount, etc.. The automated system receives all data and stores it in the system to complete the forms automatically. So, you don't need to do a lot of repetitive operations. The system helps fill in the forms in just a few clicks.
As a result, you save time and are able to focus on more important tasks. Business automation also allows you to make a report and get details of the invoice instantly.
With an automated system, you can quickly create and send the invoice as well as get paid.
Late payments never benefit the business. This weakens your cash flow and may even put your business at risk. To avoid it, you can send notifications of upcoming payments to customers until they pay the invoice. This not only simplifies the payment process but also saves time to constantly contact the customer.
Explore new ways to manage invoices with Avanga. Email us to learn more about the possibilities of automated payments and get the free demo version to improve your company processes right now.