The Benefits of Automated Invoice Processing
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Processing supplier invoices is a task that has to be done in most businesses, but few companies are aware of what the costs of invoice processing actually are. Research has shown that the standard end to end costs of invoice processing can range from £4 to £50 per invoice.
Companies can make significant cost savings by switching to automated invoice processing. For example an organisation processing 50,000 invoices per annum at an average of £4 per invoice could save around £100,000 every year
What can automated invoice processing help with?
Invoice processing software includes the following functions:
- Invoice scanning
- Automatic import of EDI invoices
- Automated extraction of header and line items
- Automated matching with PO and optional GRNs
- Validation of data with your ERP database
- Automated or manual ’single/multi-person’ normal coding
- Automated route and approval workflow over the web
- Automated final posting to ERP system
- Automated archive of invoices
- Fully automated compliance with various tax requirements
- Management console and reporting at any time
Benefits of Automated Invoice Processing
Automated invoice processing could bring the following benefits for your business:
- You’ll have a better overview of the whole invoice process
- You’ll be able to track every transaction easily
- Manual errors will be greatly reduced and accuracy will be improved
- It will be easier to comply with financial regulations
- You’ll be able to handle queries more quickly and efficiently
- Your ability to claim early payment discounts will be improved
- Processing costs will be reduced
- You won’t have the problem of bottlenecks and delays
- There’ll be less paper to store
What industries is automated invoice processing useful for?
Automated invoice processing is uesful for businesses of all sectors. These are examples of some of the types of organisations that use automated invoice processing:
- Automative
- Communications
- Retail
- Pharamceutical
- Government
- Media and entertainment
- Transportation
- Utilities
Data Capture Solutions provides document management solutions, including <A target=”_blank” href=” “>http://www.datacapture.co.uk/services/invoice-processing.htm”> automated invoice processing, to more than 400 of the largest businesses in the world. Article Source:http://www.articlesbase.com/outsourcing-articles/the-benefits-of-automated-invoice-processing-1274913.html
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