How much time does your company spend on invoice management? According to statistics, the finance team of most businesses spends a lot of time and costs in managing invoices. Invoice management can be an extreme drain of time, people, and finance when you opt for the manual procedure to create an invoice. Invoice automation benefits with proper implementation. The State of ePayables in 2019 report by Ardent Partners states that an all-inclusive AP benchmark cost to process a single invoice is around $10, while various experts have found that processing paper invoices can range between $12-$30, which is a sizeable amount.
Additionally, many companies do not achieve efficiency in invoicing, which again impacts cash flow. And it is not just about saving time and money; invoice automation can also boost quality and efficiency for any business.
You see, invoice automation has excellent benefits; however, many companies are unaware of the best practices for its adoption. Here we bring you four ways to accelerate the invoice automation adoption program in your organization:
For an invoice adoption process to be successful, key members from the company’s finance and procurement departments must come together to discuss their invoice’s goals, objectives, and policies.
Your business should communicate the benefits of the invoicing program to suppliers, such as eliminating paper, reducing manual data entry, and reducing critical human error. All stakeholders must work harmoniously to build and sustain the project’s success.
Defining your program scope is an essential step to maximize your operational efficiency – it is vital to get the best out of your invoice adoption program. At this point, you must decide whom you want to target, all of your suppliers, or some specific ones.
Let’s say, for instance, for your low-volume suppliers, you want to go with electronic invoicing, and you might want to choose a supplier integration campaign for your high-volume suppliers. So, having a specific and clear program scope makes it easier for all the parties to work together to reach a common goal.
Communicating your company’s new invoice policy to your suppliers is the key to making your invoice adoption program a success. It is always best to develop a clear and concise outreach plan for your suppliers to keep them updated on using the tools and resources.
To keep the process smooth, consider these steps:
Each business is different, and success looks different for everyone, which is why you must establish clear metrics to measure your invoice automation program’s success. To track your outcomes, you can start with specific metrics such as cost reductions of invoice pricing, reducing staff or redeploying staff overhead, ROI on program software purchased, or converting a particular percentage of invoices.
An invoice automation program can make buying and selling easy for you. GetMyInvoices can help you digitize and automate your financial processes and help you achieve your invoicing goals.
No matter what business you run, with the help of GetMyInvoices invoice automation software, you can automatically download invoices from different portals like Amazon, etc saving time rather than checking multiple times. You can also scan paper invoices using a mobile app and have the data enter your invoicing or accounting software automatically. Besides that, you can integrate invoice applications easily to other tax, ERP, and accounting systems. You have invoice data seamlessly across your applications and available when you need it.
See the benefits of automated invoice management:
Better overview. Less accounting work. More time for your ideas.