The Benefits of Investing in Automated Invoice Processing
Humans can only do so much before they start getting tired and making mistakes. And these errors could be costly when it comes to billing and invoice processing. If you want to shift to a system with 100% accuracy, then it’s time to look into the benefits of automated invoice processing software.
Why investing in automated invoice processing should be your next move
How many invoices do your accounts payable (AP) department go through in a day? Dealing with hundreds of invoices can be rather taxing, and sooner or later, even the most experienced teams will start making mistakes.
Invoice processing problems are much more common—and much more expensive—than you think. For instance, misplaced invoices can significantly impact your cash flow, leading to unhappy clients. Even seemingly minor errors such as incorrect pricing, inaccurate math, and overlooked typing mistakes can result in costly delays and denials.
Fortunately, there is a way to minimize the occurrence of these. Instead of assigning thousands of invoices to your AP team, consider investing in automated invoice processing.
These software programs use artificial technology (AI) to scan your invoices, extract data and automatically upload them to your system. In addition, they can convert printed documents to digital entries using OCR technology, resulting in some excellent benefits:
- Increased efficiency
The average ‘manual’ invoice processing time takes about 8 minutes. This doesn’t seem like much at first glance, but when you’re dealing with thousands of invoices a month, you can quickly see that this just isn’t fast enough.
In comparison, automated systems can reduce your processing time to as little as 0.83 minutes. Plus, they can work 24/7, boosting productivity and efficiency by 65%!
- Reduced processing errors
You’ll never have to worry about typos and miscalculations with automated processing systems. The best programs boast almost 100% accuracy, checking all entries against a master file to prevent costly errors.
On top of reducing your errors, these programs can also minimize the risk of data breaches and enhance data transparency.
- Reduced costs
Ultimately, investing in automated invoice processing can result in significant savings for your business. They allow you to focus on high-value activities, saving up to 90% of costs.