Is your accounts team huddling daily with a number of invoices, deadlines, and all the hassles that come with invoicing the traditional ways? After all the hurdles, are you witnessing gaps and inefficiencies?
We can't blame the team. For sure, it is challenging to keep up with the modern-day business scenario, which is highly tech-dependent and is moving faster than it used to before. So, what is to be done? The answer is simple, streamline the invoice processing with AP Automation.
Invoices are not just the record of the transactions between two business entities. Unfortunately, their importance is often underestimated, and businesses incurring massive losses due to mismanaged invoices are unheard of.
Similarly, supplier invoices have a lot to imply than just as a document recording the money owed or the associated taxes. Any mishap with invoices can affect the financial health of the business. Needless to say, if it is a small or emerging business, the effects can be rather serious than be estimated in this blog. So, there is no debate that automated invoice processing is the need of the hour to streamline the process and achieve efficiency.
Let's look into the following stats and understand the situation better.
56% of businesses experience issues with their cash flow forecasting owing to AP issues.
91% of companies regularly spent time on phone calls chasing payments.
23% of suppliers refuse to work businesses with again owing to AP inefficiencies.
Well, that's some serious stats to be ignored. Also, do those scenarios appear familiar? For example, have you noticed your team chasing invoice approvals and payments very often? Or have you dealt with issues related to cash flow in your organization?
Time to streamline your process- Skyscend tells you how?
· Re-evaluate Your Basic AP Operations
Hola! business owners, it's time for some introspection. Start with a genuine assessment of your AP process, including the professionals handling the task. No, we are not saying that your team is inadequate, but some gaps need to be filled in.
Mapping out the lags, are you still depending on manual data entry, how are you sending the invoices to your clients, are they still paper-based? Have your clients already switched to the electronic format, but you are walking behind? Are you following up constantly for the unpaid invoices?
Well, those can be way too many red flags for your AP workflow. But a thorough assessment can help you identify the gaps in the current system and give you the direction for the next move.
Eliminate outdated data entry procedures.
Manual data entry is the devil when it comes to invoicing processing and payments delays. Do away with the slow paper invoices; email invoices are also standing the test of time as they require the data to be fed in manually. Consequences – slow approvals and errors.
But with invoice automation software, this hurdle can be crossed off swiftly. Are you pondering how? Let us tell you how Skyscend takes care of this situation to give you a better insight. With our solutions, suppliers can send invoices in various ways and formats. If you are a supplier, you can simply create an invoice from a purchase order or connect with your customer's system. We ensure that the invoice goes directly to the customer's ERP system and gets paid faster.
Now isn't that an intelligent way? Invoice automation software is developed considering all the pain points of the supplier, so why refrain from transforming your business.
·Choose the right AP automation solution.
Now that we are speaking of AP automation vividly, it is imperative that you scrutinize that solution is right for your organization. There are many solutions available at this moment, from basic to advance. Have a thorough understanding of the system before adopting it in your AP workflow.
You may already know how automation leverages your business through AP automation, but check its perks to you and your team. For example, can you route the invoice easily to the appropriate client for approvals? Can you notify them through text messages?
Is the automated invoice processing serving you in creating a standardized communication channel cutting down the back-and-forth emails and calls? Is it helping you to archive data securely for future reference and retrieval?
Yes...we know those are too many questions to ask!
But as the saying goes- 'seek, and you shall find.' So, probing ahead with all these questions before applying the formula to streamline your invoice processing will deliver you better results.
What are you waiting for? The blog has come to an end. It's time to take action! You know where to start from. Also, if you are in need of some expert advice, you have Skyscend to back you up. Connect with us, and we will help you transform your business seamlessly.