In today’s dynamic business landscape, maintaining a competitive edge through technological advancement is paramount. The integration of cutting-edge technology not only fuels productivity but also strengthens risk management and ensures adherence to compliance standards.
For Accounts Payable (AP) teams this is particularly true. Accounts payable teams do far more than merely facilitate bill payments. They have a substantial influence over financial operations and are entrusted with a whole host of responsibilities. So, burdening this team with time-consuming, manual, paper-based tasks does not allow them to use their time in a valuable way.
Efficiency Through Comprehensive Invoice Processing Automation
No matter the size of the business or the industry vertical it fits into, automation of invoice processing can ensure that every step, from data capture to approval and transaction record generation for seamless integration into an accounting or ERP system, is meticulously defined. Because these solutions have been designed to securely, automate intricate processes, thereby liberating valuable time for employees so they can channel their energies towards other high-value tasks.
A proficient solution can activate approval workflows tailored to specific business rules, guaranteeing precise and expedited processing. It can also encompass checks for mandatory data fields, purchase order verifications, detection of duplicate invoices, and facilitate the swift onboarding of new vendors. The seamless integration with accounting or ERP systems removes the need for redundant data entry, minimising manual errors.
Let’s look in a little more detail at five ways digital invoice processing can benefit an AP team:
- Reducing Paper and Manual Data Entry: Invoice processing software eradicates the need for manual data input, liberating workspace, and time, and alleviating the frustrations associated with manual data entry from piles of paper invoices.
- Efficient Workflow and Exception Handling: Automated approvals based on predefined criteria such as amounts or vendors, alongside digital workflows that channel invoices to key decision-makers, significantly reduce errors, combat potential fraud, save time and effort, and ensure meticulous oversight.
- Maximise Early Payment Discounts: Many vendors offer early payment incentives. An automated invoice solution enables a team to process invoices well in advance, capitalising on discounts, sidestepping late fees, and reinforcing a business’s reputation through consistently punctual vendor payments.
- Significantly Reduce Audit Preparation Time: By digitally processing invoices from receipt to approval and payment, audit readiness can be streamlined. The right software facilitates instant retrieval and searchability of invoices, making them accessible to auditors and authorised personnel alike.
- Securely Store, Archive and Retrieve Digital Documents: Invoices securely reside in an accessible repository, meticulously organised using indexed data. Implement retention policies, swiftly gather for audits, or analyse for process enhancements, and access at any time, from any device, even on mobile.
Rapid Deployment Using Preconfigured Cloud Solutions
The transition to AP automation need not be a resource-intensive or a drawn-out process. While business processes may vary, they share fundamental requirements and decision points. Enter “DocuWare for Invoice Processing,” a preconfigured cloud solution – powered by cutting-edge Machine Learning (ML) technology – with prebuilt workflows aligned with common operational foundations. This solution can be seamlessly tailored to align with business rules, facilitating a swift implementation that can be operational within a matter of days.
Especially in the post-COVID era, AP teams are increasingly seeking open, secure, and collaborative digital solutions to jumpstart digital transformation initiatives. DocuWare remains steadfast in its commitment to fulfilling these demands by consistently introducing innovations within its cloud-based enterprise content management (ECM) solution.
With a proven track record of aiding over 15,000 customers in modernising and streamlining invoice processes through digitisation and automation, DocuWare stands as a trusted partner in the pursuit of enhanced efficiency and compliance.
For further information, visit DocuWare.com and access your complimentary eBook today.
