Invoices. They’re the backbone of your procurement processes and so much more. Digital invoices help your organization streamline processes and meet financial supply chain management goals. But if your invoice processing system is manual, paper-based, or otherwise inefficient, every other component in the procure-to-pay process will feel the effects.
Electronic invoice management is on the rise, and for good reason – it eliminates problems and inefficiencies related to paper invoicing while speeding up the entire procurement cycle. Instead of dealing with paperwork all the time, your AP team can focus on generating revenue.
How Automated Invoice Management Works
Deciding to adopt a paperless invoice processing system is the hard part. Once set up, the invoice management software gets to work simplifying every step of the invoice process by:
- Digitizing and integrating invoices from numerous sources into your existing database and systems.
- Quickly generate and approve error-free service entry sheets and invoices for suppliers.
- Providing you, your suppliers and vendors with a communication network that keeps everyone on the same page and informed.
- Automatically matching invoices to contracts – helpful for enforcing contractual compliance.
- Giving full spend visibility across your entire organization.
- Providing a global, scalable automatic invoice processing solution and archive.
Automated Invoice Processing – The Benefits
Now that you know how easy it is to switch to an automatic invoice management system, here are some reasons why you shouldn’t wait any longer:
- By automating your accounts payable activities, you can scale up to 70% without adding to headcount.
- Free up the time spent on manual matching and approval chasing to focus on running your business and increasing revenue.
- Eliminate duplicate payments (and the hassle of reclaiming money).
- Easily find and view invoices, and their audit trail.
- Reduce transaction costs per invoice.
- Cut invoice disputes down to a bare minimum with digital record keeping.
Most of all, you’ll be able to elevate your accounts payable department from the back office to a strategic asset.