In today's fast-paced world, finding a competitive edge wherever you can is essential.
Sometimes this requires adopting the philosophies of tech firms - re-designing processes for digital execution and investing in new technologies.
Invoice processing is a critical internal process, and one that is often time-consuming and manual. It probably wouldn't be the mechanism you would choose first for improving B2B relationships or changing company culture.
However, by automating the invoice process, businesses of all sizes benefit in many ways, not all of which are quantifiable. The digital transformation of invoice processing can be used to build relationships through responsive payments and change business culture by freeing staff for more creative activity.
So, let's get into all the advantages automation can bring to invoice processing.
What are the advantages of automated invoice processing?
Increased productivity
Amazingly, finance professionals still spend almost a third of their time executing manual tasks. By automating the invoice process, hours can be redirected into profit generation.
That's not all. Real-time reporting functions enable progress to be monitored and bottlenecks to be broken.
Automated invoice processing increases the pace of business cycles and monitors performance indicators, ultimately improving productivity.
Cost savings
Removing manual intervention from processing invoices saves costs directly in labour hours. Indirectly, profits are generated by freeing staff to engage in more productive activities.
Manual tasks, like data entry, approval, and filing, are at risk of error and loss. Automation mitigates this risk of non-compliance fines and error costs.
An automated system can consistently capitalise on early payment benefits and build strong supplier relations.
The benefits of scale, without the cost of expansion
Automation yields a return to scale unusual of physical processes. Automated invoice processing uses OCR and AI to extract large quantities of business-critical information from unstructured documents.
By outsourcing this process, it is free to scale independently of infrastructure, allowing you to use the service at the rate you demand, only paying for what you need.
Take document control to the next level
Document control can be the difference between crisis and inconvenience, so it's a good thing a digital process is a visible process.
The audit trail ensures traceability, accountability, and accurate up-to-date information.
Datatron guarantees that data is restrictable and secure from arrival to archive, operating ISO27001, ISO9001, and BS10008.
Go Paperless
The environmental impact of paper waste is massive; the industry is the 3rd largest polluter of air, water, and soil. Automating invoice processing reduces reliance on paper to execute AP tasks, reducing your carbon footprint.
Empower remote workers
Workplace preferences are changing. The ability to work from home is an increasingly deciding factor in acquisition and retention. Automating invoice processing detaches workflows from a physical location - allowing them to be managed remotely.
Good document management practices alongside automated digital processes can be used to maximise the efficiency of remote work.
Start your digital transformation
Automating invoice processing can lead to several advantages that benefit businesses of all sizes.
Take advantage of automation, stay ahead of the curve, and cause some creative disruption in the back office.
Get in touch today.
