Moving away from the invoice black hole
If you’re still manually processing invoices, your system likely involves a lot of paper handling, a convoluted workflow and a storage system that is not accessible or disaster proof. In other words, a black hole where you hope your invoices are paid eventually.
Invoice automation streamlines and automates invoice handling and payment with little to no paper. And the good news is that AP automation is scalable and cost-effective for small- to medium-sized?companies. Companies that have implemented AP automation including saving time, resources and money. Here’s how it works:
Invoice automation captures invoice data, automatically routes it to approvers via custom rules and workflows, and schedules payments to vendors. No more manual data entry, routing or struggling to find the status of an invoice. Reducing the number of people that touch an invoice on its path to payment saves employee time for more important initiatives. ?And, automatic payment scheduling helps avoid late payment fees.
Another benefit of automation is two- and three-way matching to check that?invoices match the amount of the PO as well as materials or services received. Discrepancies are flagged for resolution before payments are issued so you don’t overpay and find out later.?
Last but not least, cloud-based invoice automation means there is no need to install expensive software or invest in big upgrades. And as your company grows, your solution can scale with your needs. ??
If you’re still hesitating, take a look at our new Fact or Fiction ebook. You’ll likely recognize common misperceptions about automation and hopefully discover that the scary option is not doing anything at all.
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