We are all familiar with the finance departments talking about the pains of invoice processing and accounts payable. Invoicing is an inevitable process and unfortunately, processing them is still notoriously known to be time-consuming and expensive.
Measuring the performance of processing invoices involves an important question – How much time does it take to process an invoice? Digital transformation has had its fair challenges in invoicing operations. Invoicing has multiple touchpoints and complexities.
A significant challenge has been that of managing invoices. The expanding retail channels across multiple touchpoints like e-commerce portals and others leads to a larger volume of invoices.
To compound the problem further, invoices from different vendors have different formats and forms. Electronic Data Interchange or EDI has been challenging to implement. Paystream advisors report that 70% of invoices received are in the form of documents of various formats – pdf, email, paper, etc.
Businesses need to verify data is correct before paying bills. Each invoice needs to have data accurately extracted and passed to the accounting information systems, ERP, or other downstream systems in an organization.
Optical Character Recognition (OCR) solutions to capture information have been expensive and slow as well.
Digital transformation has advanced, and we have applications like GetMyInvoices. It drastically cuts time in getting your invoice data to downstream systems quickly by automatically importing invoices from multiple sources. Besides, it extracts relevant data, syncs it with your accounting or ERP system, or sends it to your accountant or a file folder or wherever you need it.
Let us explore the benefits of Automated Invoicing.
GetMyInvoices streamlines your invoicing process with Automation.
Features include the following:
Learn more on GetMyInvoices
See the benefits of automated invoice management:
Better overview. Less accounting work. More time for your ideas.