How to choose invoice automation solutions.
Invoicing has been a time taking piece of work for every AP and finance team. Even though invoice automation technology has long been available, many organizations still process their invoices manually. Switching from the traditional method to an automation solution is essential, but the most important thing is to choose the best invoice automation solution for better results.
In just a click away, anybody can find numerous automation solutions from the internet. As mentioned above, the effectiveness lies in finding the ideal solution. Now let us see through the inevitable quality that is needed in any invoice automation solution.
Beyond saving just the time and money, organizations need to look at the larger picture while choosing an automation solution. It should be able to conceive all the invoice processes and make the entire process automated.
Invoicing automation systems have the potential to transform your enterprise while also strengthening your AP processes comprehensively. Through automated processes, the organization would be able to electronically evaluate invoices, streamline workflows, and find invoice data anywhere, at any time.
Here are a few things for organizations to consider before choosing the invoicing automation solution.
Determine your Accounts Payable needs
A thorough understanding of the existing AP process and needs must be in place before you start your lookout for a new solution. This will help you identify your requirement and scrutiny the solution to match your requirement in the best possible way.
Audit your existing AP processes
Examine your current AP processes to assess your requirements for an automated AP solution. You must first understand where you are, in order to identify where you want to go. Start by logging the current processes so that you can easily communicate how invoices are received, in what format they arrive, how approvals are done, invoices are processed, and so on.
Establish your Accounts Payable goals
Before automating your Account Payable division and installing an automated AP solution, you should first specify your objectives so that you can measure your progress.
If you want to streamline your processing, get more reliable records, lower your cost-per-invoice, eliminate late fees, capture more early payment discounts, or all the above, stating your objectives clearly will help your automated invoicing implementation run more smoothly. When your goals are well established, you will have a greater understanding of what you are looking for in an invoice automation solution. Identify your system dependencies.
Map out costs
Manually handling invoices can be very expensive. A paper invoice is expected to cost between $8 and $60 to process. Other than the obvious drawbacks, such as labour and storage costs, there are various “hidden” costs that many people fail to consider. Manual routing, classification, and multiplication are examples of these.
Once you do a thorough run on the criterion mentioned earlier, you will be clear with the essential features or functionality that will work the best in line with your business process. After that, you can choose the right automation invoicing solution for your company.
Below are the benefits that help every organization when they switch to automation.
Intelligent and Easy invoice upload: It enables a frictionless invoicing procedure and will reduce the human effort to verify and upload invoices into the system.
Realtime consistent database: An automated invoice solution will facilitate real-time and consistent data sharing to everyone with a system. This can help maintain the workflow properly.
Real strategic value: The ideal automation solution will analyze the sub-ledger data in real-time. The best automation solution can be used to obtain real strategic value.
Consolidated report: If the uploaded data is available in a central portal and consolidated reports and other significant trends, it will further enhance the system’s transparency.
Reduce work: Automated invoicing will reduce the error rate and it eventually reduces the volume of work.
Gain Insight: Discover secret trends in your sub-ledger results and gain insight. Through the advanced comprehensive data analysis techniques, any AI-based automation invoicing solution would aid in the discovery of actionable strategic data.
To have such specific and innovative features, you should get a solution backed by the most relevant technologies like AI because AI-based invoicing solution performs way better than any rule-based OCR solutions in terms of accuracy and advanced features.
SkyscendPay is a centralized platform that offers complete access to features, analytics, and data. It integrates data from different sources into a single, user-friendly design. It is the future of automated invoicing solution which can revolutionize your accounting process with advanced AI capabilities.
If you wish to know more exciting features of this solution, do not hesitate to approach the experts.