#invoice management solution

[automatedinvoiceprocessing]

Automated Invoice Processing

Automated Invoice Processing : Complete beginners guide

Vision and making money are two core aspects of running a business. Imagine, your team works days and nights on a project to bring some miraculous results to fruition. Every breakdown right from onboarding vendors, making that perfect project plan, and the final delivery of goods/services was handled perfectly. 

Now, the time has come to get rewarded in cash and kind for the same. A tricky situation arrives. The accounts team on the client side is yet to process your invoices. They are adept at their job but stuck with tools that require multiple manual inputs, falter on compliance rules, and cannot be trusted with accuracy. You cannot blame them either as most businesses enter 57% of invoice data manually.

The project you have delivered required multiple guidelines to be followed and your invoices were on point. A chain reaction of frustration ensues as time gets wasted on both ends in following up and you think why even work on such a project? 

While things eventually settle down, there are facts that both parties need to understand about eliminating such situations in the future. The only thing that needs to be done is to work on the very essence of business and that is- Automated Invoice Processing. 

If you are wondering how it can address the above-mentioned issues, fulfill all guidelines, keep track of project milestones, and clear invoices on autopilot, this blog will put an end to all your doubts!

Automated Invoice Processing: What is It All About? 

Automated invoice processing encompasses tracking supplier invoices, addressing discrepancies if any, getting them rectified, and clearing payments. The process involves a series of steps until the accounts are cleared and settled. 

With tons of responsibilities in the accounts department, right from managing orders to supplier invoicing, even the most organized departments can be prone to-

-Delayed reimbursements

-Double payments 

-Risking relationships 

-Losing out on supplier’s trust 

Because of juggling with a pool of invoices from different vendors that hinders typical processing times; multiple finance teams are leveraging automation to save time, simplify collaboration, and aid growth. From extracting invoice data, updating ERP (Enterprise Resource Planning) entries, and boosting overall efficiency automated invoice processing tools not only save time and money, but they massively reduce errors and instances of fraud. 

Routine accounts also benefit manifolds with these tools due courtesy- 

3-Way Matching- Comparing purchase order, goods and receipt, and the invoice before approving the invoice

GL(General Ledger) Coding- Assigning alphanumeric codes to each financial entry in an organization’s ledger

Data Entry into ERPs

When teams are free from repeated manual work they can focus on faster closures and working on other activities. 

How Does Automated Invoice Processing Work? 

Automated invoice processing involves three simple steps:

1. Capturing Invoice Data

Businesses receive invoices from multiple sources. Automated invoicing solutions consolidate invoice data from all these channels and send them to a single receiving email address. Moreover, physical invoices are scanned in bulk and then sent tool 

Invoices are then pulled into the system and saved in a folder or cloud then synced in real-time with invoice automation software. Once this is achieved the system reads the data using AI, ML, and OCR technologies for further verification.

2. Interpreting Invoice Data as per Business Rules

Now that the data is placed, a few verifications are performed based on the business rules. Automated tools verify if the vendor exists as per their database or not. Invoices are then matched against POs and other records to ensure data consistency. Invoices that don’t clear these verifications are flagged immediately.

3. 3-Way Match

The next and final step is to route the invoices to the right decision-makers. Once this is done the payment is settled. Post that you can export a final report containing all data in a format compatible with ERP. These tools offer multiple integrations and can be used to achieve organizational transparency with ease. 

Must-Have Features in An Automated Invoice Processing Tool

Now that you know how these tools work, it is time you also understand how to single out the right solution among a host of options in the market.

1. User-Friendly Interface 

An automated invoice processing solution that is intuitive, easy to use, and has a short learning curve will ensure smoother transitions.

2. Adherence to Industry Practices 

A software solution must ensure compliance, protect data, and offer additional security features.

3. Reliable Customer Support

A vendor that provides exhaustive training, timely support, and maintenance is a must for regular upgrades and smooth implementation in the long run.

4. Customization

Businesses will have their processing requirements and rules to be followed. Thus, you must look for solutions that offer in-depth customization capabilities.

5. Scalability Check 

The chosen automated invoice processing solution must be able to handle a large volume of invoices while paving the way for future growth. This feature ensures that the solution doesn’t become redundant as your business grows in capacity.

6. Integrations Offered 

Seamless integration with existing ERP and accounting systems is a must to eliminate silos and ensure data consistency at all times. 

Benefits of Using Automated Invoice Processing Tools 

Well, if you are still thinking whether to invest in a solution or not, we are sure these benefits will put an end to your thought train.

1. Prevents Errors 

Human errors lead to dire consequences and when money is involved such risks need to be mitigated. Luckily, the software can process large data minus errors.

2. Increases Productivity

What if your accounts team could work 75% faster? Did that sound like more money? Well, that could be true as opposed to the fear finance professionals face when it comes to automation. Rather, it gives them the freedom to perform tasks they are skilled at.

Moreover, with accounting automation, reconciliation, financial closing, and cross-referencing records can be achieved the moment balances are settled. Lastly, with no scope of error, businesses can be ensured that their money is always safe.

3. Provides Full Accessibility 

Not only can your accounts team save trees, but they can also permanently say goodbye to paper-based accounting. With cloud-based automated invoice processing tools, you can access your accounts anytime anywhere. The only need is to have a good internet connection.

4. Encourages Autonomy

The best invoice automation tools help teams across the organizational spectrum streamline workflows, reimburse expenses, cut micromanagement, and streamline workflows with enhanced ease. 

Tracking KPIs of Your Automated Invoice Processing Tool 

To evaluate the success of your invoice automation tool you will need to calculate tangible benefits and ROI for the same, here is how you can do it:

ROI = (Benefits – Costs) / Costs x 100%

To accurately calculate the same, you will need to consider the following factors:

1. Processing Time

Measure the time it takes to clear the payment from the time a receipt is received. If there is a decrease in time then you have made the right choice. 

2. Error Rate

Have you been able to eliminate duplicate payments and improve accuracy by significant margins? 

3. Invoice Approval Time

Is there a significant reduction in the time it takes to get invoice approvals? If yes, you are on the right track. 

4. Cost per Invoice

Have you been able to calculate the cost of processing each invoice? If not, a way needs to be figured out.

 5. Supplier Satisfaction

Conduct surveys to gauge supplier satisfaction and analyze how it impacts business relationships.

Serina: Revolutionizing the Word of Automated Invoice Processing 

An informed customer will seldom make a wrong choice. We at Serina believe that our customers deserve better than the best. 

Thus, we have created a solution that knows when and what to do. Here are just a few benefits of making Serina a part of your team-

Gain real-time visibility by accessing all invoices and payment details at any workflow stage 

Track outstanding payments and enjoy streamlined collaboration with interactive dashboards 

Get assistance with multiple invoice types 

Keep your vendors happy with AP (Accounts Payable) automation and building trust 

Experience an 83% reduction in data validation efforts with automated line-item data capture.

Wait, there is more to it!

With dedicated bots for automated data interchange, invoice processing, and expense analytics at a glance, API and BPM tools for smoother optimization, and top-notch risk management abilities, you are in for an experience of a lifetime. Dedicate your precious time and resources towards strategic and analytic endeavors and leave the rest to us!

Frequently Asked Questions:

1. How Much Time Can Be Saved With Automated Invoice Processing?

A lot. Although time savings depend on the regular activities assigned to the accounts team, automated invoice processing in large setups can save as much as 900+ hours in a single month.

2. What type of invoices can be processed with an automated invoice process?

Automated invoice processing is capable of processing all major invoice types including direct utility invoices and PO-based invoices while maintaining the desired accuracy, precision, and compliance requirements.

3. How can our team and vendors benefit from automated invoice processing?

A lot of time is spent on calls between accounts team and vendors to understand why certain invoice(s) are pending or rejected. When the whole invoicing process is automated, the increased transparency through vendor portal tracking strengthens vendor relationships too.

4. Why make a switch to automated invoice processing?

Manual invoice processing is highly prone to errors resulting from lost invoices or even double payments. Both instances can be eliminated with automated invoice processing as you maintain a centralized repository, making the whole process hassle-free with appropriate workflows.

5. From what sources can an automated invoice processing system fetch?

An automated invoice processing system can fetch invoices through multiple sources like API, emails, sharepoints, and web and you can upload them to the portal with ease.

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Take control of your business finances effortlessly with Ecuenta Accounting Software, fully integrated with ZRA for seamless tax compliance. Enjoy a smarter way to manage your operations with: 1) Smart Invoicing for accurate billing. 2) Efficient POS to streamline sales. 3) Easy Payroll Management for hassle-free salary processing. 4) Inventory Control to track stock in real-time. 5) Advanced CRM to enhance customer relationships.

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Streamlining Operations with PDQ Docs: The Best Document Generation Software for Small Business

In today’s fast-paced business environment, efficiency and accuracy are key to staying ahead of the competition. Small businesses, in particular, need reliable tools that can automate processes, save time, and reduce human error. One such essential tool is document generation software, which helps small businesses create documents quickly and accurately. PDQ Docs offers an intuitive solution for small businesses looking to streamline their operations and improve productivity.

What is Document Generation Software and Why is it Essential for Small Businesses?

Document generation software is a tool that automates the creation of business documents, such as contracts, invoices, proposals, and reports. By using templates and pre-filled data, businesses can quickly generate accurate and professional-looking documents without having to manually input information each time. This not only saves valuable time but also reduces the chances of errors that could lead to costly mistakes.

For small businesses, time and resources are often limited. Document generation software for small business provides an efficient way to handle repetitive tasks, allowing businesses to focus more on growth and customer service. PDQ Docs, in particular, is designed to meet the needs of small business owners by offering a user-friendly interface, customizable templates, and seamless integration with other software tools.

Why PDQ Docs is the Best Document Generation Software for Small Business

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Another significant advantage of PDQ Docs is its flexibility. The software offers customizable templates, which means you can tailor the look and feel of your documents to match your brand identity. Whether you need to generate invoices, contracts, or marketing materials, PDQ Docs ensures that every document reflects your business’s professionalism and style.

Save Time and Reduce Errors

One of the most significant advantages of PDQ Docs is the amount of time it saves. Small business owners often juggle multiple tasks, and manually creating documents can be time-consuming and prone to errors. PDQ Docs automates much of the document creation process, so you can generate accurate, professional documents in a fraction of the time.

Conclusion

PDQ Docs is the ideal document generation software for small businesses looking to streamline their operations and improve efficiency. Its ease of use, customizable templates, time-saving automation, and seamless integration with other tools make it a powerful solution for businesses of all sizes. By using PDQ Docs, small business owners can focus on what matters most: growing their business and serving their customers.

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IBR Infotech specializes in providing custom billing software development services designed to streamline your invoicing, payment processing, and transaction management. Our solutions offer seamless integration with existing systems, ensuring accurate, automated billing processes that enhance financial operations.

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Ecuenta is your ultimate solution for seamless business and financial management. With its intuitive features, Ecuenta empowers you to take control of your finances through ZRA Smart Invoicing, efficient financial planning, and streamlined cash flow management. Whether it’s budgeting or comprehensive financial management, Ecuenta ensures your business operations are not only simplified but also optimized for success.

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