Implementing a software program solution for automating your invoice processing has many advantages. Some of the most apparent ones are reduction of expenses related with manual data entry and quicker processing times. However, there are also different advantages to consider, such as minimized error costs and greater efficient utilization of the company’s resources.
The expenses of processing invoices manually can be very high. It is estimated that processing a paper invoice can value somewhere between $8 and $60. Why the high variance? The fact is that aside from the obvious drawbacks, such as labor and storage costs, there are also a number of “hidden” costs that many people do not usually take into account. These consist of manual routing, classification, multiple handling of the same invoice, as nicely as losses and misfiling. Locating lost and misplaced archives can reach as a lot as $200 per invoice.
Automation correctly solves many of these issues and as a result, minimizes costs. Companies that have switched to computerized bill processing can decrease these prices through up to 20 times.
Manual records entry is often associated with errors. It is clear that accuracy depends completely on the individuals that function the operation. With automation software, error rates are minimized, preventing all sorts of error-resulting issues, such as delayed approvals, time spent on searching for and correcting mistakes, as well as loss of discounts.
Manual processing of invoices is time consuming. Software solutions for automated bill processing can get rid of many tasks, such as routing, classification, validation, and manual data entry – therefore significantly lowering processing time. With a simple data check to ensure maximum accuracy, the automation software can ship your invoices directly from the scanner to the accounting system.
Employees responsible for information entry or validation can be liberated from these tedious tasks. You can make a greater environment friendly use of your staff and let them concentrate on extra necessary projects. This will also help them remain more stimulated and be greater productive. Software solutions for bill automation generally require very little human interference.