Automated Invoice Processing -7 reasons why modern businesses need it

Posted 13-04-2020

It is impossible to run a modern business without hearing about automation. You will find loads of reports and articles stating automated invoice processing is the best way to handle business processes. In the business world, where most of the time is spent on processing invoices, businesses can save up to 80% of their time with automated invoice processing.

Automation is growing over the years and so is its need. It can make tedious and time-consuming invoice processing sleeker. But if you are still wondering if automated invoice processing is really worth it. Then, you have landed to the right place. In this article, we will discuss how modern businesses can benefit from automated invoice processing.

1. Automation saves time

One of the biggest advantages of using automated solutions is that it saves time. And the same is the story with invoice processing automation. For a business, typically processing an invoice manually can take almost 20-21 days. However, replacing manual work with automated invoice processing can slash the time to two to four days. Thus, a huge time savings. Automated Invoice processing ensures the invoices will be processed swiftly. Thus, reducing the time your employees spend working on each invoice which overall adds huge time savings.

2. Reduces chances of error

Humans are error machines. And the chances of errors in manual work always exist, no matter how hard we try to avoid them. Manual errors can cause a fiasco for businesses. Imagine the trouble a wrong invoice number or date can cause. Invoicing errors can even lead to late payments or sometimes misplace an invoice. This is exactly where automated invoice processing comes into play. It can improve the accuracy of your invoice processing. Thus, your staff will no longer need to rectify the errors and correct typos.

3. Less time means saving resources

Switching to invoice processing automation will save more than time. It is an old saying, time is money. So, if you are able to save time, you will be saving money as well. If you can trim down the time your staff is spending on invoice processing, you will save a lot of labor costs at the end. Automated invoice processing ensures faster movements of operations. Thus, minimizing the cases of delayed payments, late fees, and undue interests. You will be able to pay every bill on time.  Not to forget, you can save up on the cost associated with printing the invoices and save yourself for the paper havoc.

4. Unnecessary hirings

Automated Invoice processing can help increase the efficiency of your team. So, a task can be handled by a lesser number of employees. Thus, no longer needing to hire more people. Expanding a team is an expensive endeavor at the end of the day. You have to calculate the cost of hiring a new resource. Also, it requires an effort to find the right fit for the job. On the other hand, automated invoice processing software can turn the tables for you. You will no longer have to hire personnel to accounts payable team as your team will process large amounts of invoices in less time.

5. Boosts productivity

We cannot stress enough on this point, a business flourishes only when the employees are productive. If your staff is always busy typing, correcting, checking, and printing invoices then they won’t have time to look into matters of more importance. However, if you integrate an automated invoice processing software you will be saved from all the headaches. Your team will be able to spend less time on each invoice. The invoices will process faster than before. So, the efficiency of your team will increase by manifolds. With automated invoice processing system in place, your team can spent less time in repetitive tasks and focus on tasks which need creativity to add more value for your business.

6. Introduce transparency in the system

Do you know what’s happening to your invoice at any given time once it has been received? Probably, no. But, with faster invoice processing, you can track your invoices just like that! This will give you better control over the overall accounts payable function of your organization. You will also be able to assess the productivity of your team and systems in real-time.

7. Better data means better insights

Big data is one of the hot topics in the industry at the moment. An automated invoice processing can make it easier to collect data that powers your accounts payable. Do you want to know which customers are not paying on time? Or want to keep a track of payments? This data will help in revealing important insights for your company. This can help in making more informed business decisions.

Conclusion

We have highlighted the major benefits of automated invoice processing for your business. With automated solutions like Cognitive Invoice, you can streamline your core business processes, deliver better solutions, reduce errors, and focus on business growth rather than spending hours on tiring manual invoice processing. It is time to Replace age-old manual invoice processing with Cognitive Invoice.

Ready to streamline your invoice processing of your AP function with the Cognitive invoice? Why wait longer, get a free trial of Cognitive Invoice today.

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