5 advantages of automated approval of incoming invoices for your business
Approval and liquidation of incoming invoices is an obligatory part of the business that often comes with unavoidable mistakes and takes up your time. Manually inputting data from invoices and lost invoices are surely a part of your everyday business.
That is precisely why it is the right time to start thinking about a contactless, automated invoice liquidation as an excellent tool for business optimization. Here are some benefits that come with it.
Better payment control
“The more people included in this process, the higher is the possibility of making mistakes“
Lost, doubled, or incomplete invoices are a problem that many companies and business organizations face every day. They mostly occur because paper invoices sometimes circulate between employees and a company department for days. The more people included in this process, the higher is the possibility of making mistakes. However, because of these circumstances, the already slow and complicated incoming invoices approval becomes even slower.
The bigger the company is, the bigger number of mistakes that can occur in this process will happen. That’s why many companies have found automated invoice approval to be an excellent tool for saving time and money. These solutions enable contactless, simple, and fast incoming invoices approval at any moment, wherever you are, regardless of the size of the company or the type of business.
All invoices and supporting documentation are stored in the central register where you can see who and when was a certain invoice approved and you can access them at any moment, regardless of the device you are using. That way you can process a higher number of invoices in a shorter time period with better payment control.
The accuracy of inputted invoices
“Besides ensuring the accuracy of data, these solutions enable you to detect and solve “bottlenecks” and delays in the invoice approval process“
Incoming invoices approval often comes with accidental mistakes when data is being inputted. Such oversights, if not spotted in time, can cause significant additional costs. Double invoices are a category of its own and the bigger the company is, the more costs and problems they cause. Although, statistically, double invoices make up for only 0.1% of all invoices, this seemingly harmless number causes huge expenses for big companies that have a significant money flow in their business.
For example, research has shown that the American national railroad corporation Amtrak unnecessarily paid millions of dollars precisely because of double invoices.
Systems for contactless approval and liquidation of invoices successfully remove the possibility of such unnecessary costs. Except ensuring the accuracy of data, these solutions enable you to detect and solve “bottlenecks” and delays in the invoice approval process.
Invoices search becomes simple and fast, and it becomes impossible to forget to pay them. Namely, the system automatically sends notifications for each new input and all invoices are visible in one place
More efficient business
“Through a clearly defined and clear approval hierarchy, you are also decreasing the time that your employees spend on administrative work “
So, manual input and invoice approval often comes with mistakes. But, correcting those mistakes requires extra time from you and your employees. Once you spot a mistake in the numbers or even worse, you spot the mistake after the invoice has already been paid, data search, and searching for the place where the mistake occurred begins.
Automatic incoming invoice approval ensures that you never have to look for the culprit for such mishaps again because they simply won’t happen again. Through a clearly defined and clear approval hierarchy, you are also decreasing the time that your employees spend on administrative work and leave them room for more important tasks.
Additionally, these solutions also enable simple integration with the existing accounting systems and with information mediators of e-invoices.
Clear money flow
“Clear money flow becomes extremely important for a company in situations like these, caused by the pandemic of the coronavirus“
A clear money flow becomes extremely important for a company in situations like these, caused by the pandemic of the coronavirus. In normal market circumstances when a company is doing well and clients pay in time, you can see enough money in the company’s accounts for several months of doing business.
However, when a situation like the current one occurs, when clients turn down new projects or even stop paying for current ones, the payment of overheads becomes a big problem. That is why it is essential to have a clear insight into the company`s cash flow, and automated invoices approval system enables that. As a smart solution, it provides all the data about all the invoices, including where are they and in what processing stage.
Socially responsible business
Except making business significantly easier for your company, the incoming invoice approval and liquidation system helps you to run a socially responsible business while simultaneously caring for the environment.
Here’s just one example of the amount of money being spent on classic “paper” invoices. When the Ministry of Economy announced the new Law on Electronic Invoicing in Public Procurement two years ago, some calculations have shown that receiving and issuing of e-invoices at a 100%, will result in about 2,5 billion kunas savings.
Besides social benefits, these solutions simplify and remove mistakes that occur when processing incoming invoices, decrease costs of business and lead to greater satisfaction of your clients and buyers.
You are looking for a software solution that can make this possible? Contact us today to be presented with the best solutions for simpler and faster business processes and an overall more successful business.
