Advantages of automated invoicing to help you focus on your business

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.

Benefits of Automated Invoicing

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.

• Saving time
  Automated systems like GetMyInvoices are gaining in popularity. They import invoices from multiple portals to save time in invoice processing. It even extracts needed data from the invoices and sends it to downstream systems. Importing invoices saves a lot of time rather than a manual process to handle these cumbersome tasks. 

• Cost Savings
  Automated invoice applications reduce manual labor expenses, printing, mailing, and late fees, leading to immense cost savings. The processing cost per invoice reduces tremendously. You can save 60% of processing costs per invoice or more too. 

• Improved Cash Flow
  Invoice automation reduces your expenses and speeds up payments resulting in improved cash flows and more operating capital. You can consider options for discounting once you have a streamlined process.

• Efficiency Improvements
  Automated invoicing minimizes human errors and improves the accuracy of invoice processing. Invoice processing quality becomes consistent across invoice processes, increasing transparency and accountability. Accounting staff can focus on more value-added tasks increasing productivity.

• Easy compliance
  Invoices are essential documents these days for proof of tax compliance. Automated invoicing provides e-invoices that enable filing taxes and securely storing tax documentation.

Go digital with GetMyInvoices

GetMyInvoices streamlines your invoicing process with Automation.

Features include the following:

• Automatic import of invoices from multiple sources
• Central and Secure invoice storage
• Customized intelligent workflows to save time in processing.
• Export invoices to third-party systems.
• Link your bank account transactions to invoices.
• Scan App to scan and extract data from paper invoices.
• Sync GetMyInvoices with your company’s AP and AR automation and receive all possible invoice data .

Learn more on GetMyInvoices