To this day, accounting processes are complicated by long invoice processing cycles and the lack of clarity in financial data. Digital and automated invoicing provides the solution - shorten the time from receiving an invoice to posting it in your accounting system.
As an entrepreneur, you are always striving to reduce costs and optimize working capital. Despite advances in automation, invoice processing has not been able to demonstrate its advantages. Traditionally, invoice processing has been hampered by manual, paper-based invoice activities and disparate systems. These lead to lengthy invoice processing cycles and a lack of cash flow transparency.
**Business Insider **reports that manual accounts payable processes can take between 30 and 90 days per invoice. The 22 trillion US B2B payments market has been slow to digitize: 36 % of companies use paper invoices, 47 % rely on manual processes for approval, and 49 % of payments are made by check.
Delays in invoice processing lead to payment delays and impact cash flow, apart from the loss of discount opportunities.
What are the specific problem areas of invoice processing?
- Delays in receiving invoices from various channels
- Manual processes in invoice processing
- Invoices in various formats such as PDF, paper and other formats
- Lengthy testing and approval cycles
- Compliance and security risks
- Delays in passing invoices to downstream systems
- Loss of cash discount due to delayed invoicing
Digital technology has made invoice processing a breeze. So software solutions like ****GetMyInvoices , help automate invoice processing. These include various advantages, such as: B. faster turnaround times for invoice processing, timely payments and better insight into cash flows through analytical reports.
Receive invoices automatically: Nowadays there is an explosion of B2B and B2C portals. As a business, you may have various business partners and e-commerce trading. Requesting invoices and waiting for an invoice is time-consuming. Applications like GetMyInvoices automatically import invoices from multiple sources, such as Amazon and across more than 10,000 portals, reducing manual waiting time and delays in receiving invoices from all your partners.
Digitize paper invoices: Looking up information in paper invoices is a tedious process. Save time by using the Scan App Quickly extract the data you need from paper invoices. Get all the information you need in a digital format for quick and easy processing.
Match invoices to bank transactions: Through theMatching invoices to your bank transactions you can speed up account reconciliation. This ensures that transactions match your receipts. Missing invoices or transactions are a thing of the past.
**Sync with your accounting system: **You can share invoices and transactions automatically to your accounting system or send to your tax advisor or any document management system. They may include invoice date, due date, invoice number, amounts, payment details and other information supported by the other systems.
