Tips to Automate Invoice Processing and Get Paid Faster

Tuesday, 23. March 2021 | 0 Comments

Long invoice processing cycles and lack of clarity in financial data are hampering the accounting process even today. Digital automated invoicing brings in the magic – Reduce time from receipt of an invoice to posting in your accounting system. 

As a business owner, you are always seeking to reduce costs and optimize working capital. Despite advances in automation, invoice processing has not been able to reap its gains. Traditionally, manual paper-based invoicing activities and disparate systems impact invoice processing. These result in lengthy invoice processing cycles and a lack of cash flow visibility.

Business Insider reports that manual accounts payable processes can take anywhere from 30 to 90 days per invoice. The $ 22 trillion US B2B payments market has been slow to digitize, with 36% of firms using paper invoicing, 47% relying on manual processes for approval, and 49% of payments made by check.

Invoice processing delays lead to payment delays and impacts cash flows besides losing out on discount schemes.

What are the specific invoice processing pain areas?

  • Delays in getting invoices from multiple channels
  • Manual processes in invoice processing 
  • Invoices in different formats like PDF, paper, and other formats
  • Lengthy review and approval cycles
  • Compliance and security risks
  • Delays in passing invoices to downstream systems
  • Losing out on early payment discounts due to delayed invoicing

Digital technology has now made invoice processing a breeze. See how Getmyinvoices.com helps in automating invoice processing. You can benefit from automated solutions like faster invoice processing cycle times, on-time payment, and benefit by getting better visibility into cash flows with analytical reports.

Get invoices automatically: There is an explosion of B2B and B2C portals today. As a business, you may have different 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 like Amazon and over 10,000+ portals, which reduce manual waiting time, and delays in getting invoices from all your partners.

Digitize paper invoices: Referring to paper invoices for information is a cumbersome process. Save time by quickly extracting data you need from paper invoices through scanning apps from GetMyInvoices . Get all the information you need in a digital format for quick and easy processing.

Map invoices to bank transactions: Reconciliation of accounts can be made faster by mapping invoices to your bank transactions . Ensure transactions match with your receipts. Avoid missing invoices or transactions.

Sync it to your accounting system: You can automatically send approved invoices and transactions to your accounting system or your tax consultants, or any document management system. It can include invoice date, due date, invoice number, amounts, payment details, and other information supported by the other systems.

Learn more on how GetMyInvoices can

  • Get your invoices automatically from over 10,000+ portals,
  • Map with your bank or card transactions and
  • Send the approved transactions to your preferred accounting system or elsewhere.

Get paid faster along with time and cost savings. Learn more on GetMyInvoices.

Try GetMyInvoices
now for free for 14 days

See the benefits of automated invoice management:
Better overview. Less accounting work. More time for your ideas.

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