Accounting is very time-consuming, costs money and is stressful. The administrative workload is particularly noticeable in small and medium-sized companies – and not only in office management. Study by Sage showed that German companies spent 3.9 percent of their time on unproductive administrative activities in 2019, which corresponds to losses of around 30 billion euros - 6.4 percent more than in the previous year. Manual tracking of unpaid invoices and general invoice processing tied up a large part of the capacity. No one can afford such a loss of productivity in the long term.
Specifically, the manual processing of a paper-based invoice costs up to 20 euros. This sum is made up of costs for postage, paper, printers, toner, storage and transport as well as personnel costs. The latter are often very high because paper-based processing consists of many error-prone and time-consuming work steps. These include the manual transfer of invoice information into the accounting software, corrections and searching for receipts. In addition, there is a long processing time, which in turn means that companies cannot take advantage of cash discounts. These disadvantages also apply to invoices that initially arrive electronically by email or via a customer portal but are then incorrectly printed out for further processing.
Automate accounting
Fortunately, these costs - and efforts - can be reduced many times over through automation. Billentis’ e-invoicing journey 2019-2025, for example, shows that automated invoice processing can lead to cost savings of 60 to 80 percent in most cases compared to conventional paper-based processing. We have four tips to help you benefit from the savings as quickly as possible:
- Automate invoice receipt Have your invoices automatically retrieved from online portals and email inboxes by software and also use a scanning app to digitize paper-based receipts! This way, you can digitize invoices and scan other receipts with just a touch. No more documents will be lost.
- Use document archive You can use document management software (colloquially known as a DMS system) for document management. However, you do not necessarily have to invest in it. A secure, modern archive also ensures that all invoices are clearly available in one place, can be managed with tags, and can be easily found using a full-text search.
- Forward invoices automatically Connect the document archive with the solutions that process your invoices and receipts! This can be an accounting solution, but also the system that your tax advisor uses.
- Setting up workflows If you want to digitize your accounting, you also need to set up digital processes that fit your company structure. These include processes such as invoice approval, invoice audits or automating payments.
The implementation is actually simple. With GetMyInvoices, all steps can be carried out without much effort.
Conclusion
Conventional invoice management, which costs a lot of time and nerves, is no longer needed in the digital age. Take advantage of the benefits of digitalization and automate a large part of your accounting! Save up to 80 percent of the costs for invoice processing and invest the resources in added value! You get more out of it.
