Are you one of those individuals who dread the accounts payable system? It is the most tricky yet essential department of your entire business. Slacking down on your accounts payable means you compromise on the growth of your business. Do you know what makes a business invincible? Quick payments. Now, the question is, how can your business achieve that? Simple and precise- Speed up the invoice processing system.
This article revolves around the benefits of faster invoice processing that is a one-stop solution of all the accounts payable systems issues. Ignoring issues like late payments, choked business process, missed deadlines can sack your business. The best way out is to switch to faster invoice processing systems like Cognitive Invoice. Lengthy invoices? Unstructured invoices? Complicated Invoices? Simply incorporate Cognitive Invoice for all your accounts payable needs. Cognitive Invoice makes it a breeze to handle high volume invoices. Thanks to deep learning technology, it can handle invoices of various layouts supplier without the need to configure templates and you will be up and running in minutes.
For those of you wondering if automated invoice processing is necessary, then these statistics will clear your doubts. As per a study conducted by Aberdeen Group, automated invoice processing can reduce the processing cost by 49%. Your workflow will increase by 18%, this means if your company processed 1000 invoices a week with manual processing, you can raise that to 5000 invoices per week. This means a 63% increase in receiving, validating, and approving of invoices.
These numbers are pretty impressive, but they only tell you how much time automation saves. However, there’s more to automation than time-saving. The five major benefits of invoice processing are :
Processing invoices manually can be messy. The invoices come in different formats like fax, emails, and paper. They have varied structures, keeping these invoices and maintaining them in a proper workflow can be challenging. This fiasco can easily be fixed by using automated solutions, which can help in making on-time payments.
Another benefit of using faster invoice processing software is the timely payment which means no more late fees. And, if your company is successful in avoiding late fees, it will open the doors of early discounts to you. This means you will be saving lots of bucks that you may not have noticed earlier.
With the help of automated invoice processing, you get the advantage of tracking your financial information. This means you will know where exactly your money is being used. Furthermore, you will have access to real-time reports. Thus, eliminating the issue of losing and duplicating of the invoices.
When your invoice processing is faster, your suppliers, vendors, and other contractors will receive early payments. And automatically improve your business relationships with them. Happier suppliers are reliable suppliers that can help your business to grow and flourish.
Faster invoice processing means your employees will have more free time. This means they will be able to concentrate on important business aspects rather than merely managing the financial statements. Switching to automatic solutions will remove the need for manual data keying and filling of data.
Whether you are a small or medium business owner, better accounts payable solution is a necessity. One of the best solutions for better invoice processing in the market is the Cognitive Invoice which is super easy to adapt and you will be up and running in minutes. You can automate invoice processing of your accounts payable function today – that will eliminate manual errors, routine paperwork, and duplicate invoices.
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