Traditional Invoicing Methods and Invoice Processing
Until the last decade, invoice processes were manually handled by one or more account experts, and this required an AP specialist to process each invoice, cross-check payment status, file the documents, record the payment in the bank books, and follow up to ensure that the payee received it and noted it on the account.
Even though manual invoicing creation lets people customize the information, the chances are high to affect productivity and accuracy.
When done over emails, manual invoices’ exchange becomes a tedious task to track, while manual checking and data entry requires extensive labor. It also consumes a lot of time for other invoicing procedures such as checking for duplicate invoices, comparing against PO, and passing through different hierarchy levels for invoice processing.
Existing Software Solutions
Invoice generator software erases the tedious manual invoicing activities. It allows employees to concentrate on other core business tasks to increase productivity.
Existing invoice processing software come in different formats, and most of them are backed by rule-based OCR. These invoice software solutions still lead to data errors and several complications, which still demands manual process.
AI-enabled software cut those excess manual processes, eliminate errors, and structure the invoicing, to attain end-to-end automation of invoice processes. AI and blockchain are the two technologies capable of bringing drastic changes into business operations in the future.
Benefits of Smart Invoicing
Smart invoicing requires less time to finish tasks, and as a result, it minimizeslate payments, reduces missing payments, and resists any illicit activity to a degree. Overall, it improves the professionalism of any organization and always sets the bar of reputation high.
In continuation with this, let us identify how an organization gets benefitted from an ideal e-invoicing solution.
Quick and easy invoice uploading:
An ideal invoicing solution uses state-of-the-art AI to intelligently import invoices, rather than relying on sluggish, inefficient manual data entry or cumbersome, fragile rule-based OCR. The AI parses invoices contextually, enabling even the most unusual formats to be understood.
Error correction and reconciliation:
Dealing with errors sometimes requires lengthy negotiations between buyers and suppliers, and it often results in long email threads to ensure there are no misunderstandings between the parties. Such a situation can be avoided by using AI based invoicing approach that includes Supplier Side Error Correction.
Fully integrated with best ERPs & Procurement Networks:
Invoicing is connected to many aspects of a business operation. Hence, finding an ideal solution that fits one’s need is difficult, but getting a solution to work well with the rest of the software stack associated with invoicing solution is even more difficult. AI or SaaS-based solutions with the ERPs will eliminate this issue forever.
Fully customizable to address unique requirements:
An excellent invoicing solution can better adapt to achieve any organization’s needs. For example, configure whether invoice validation is done by the supplier or the buyer’s AP department or use web-hooks to trigger custom workflows on events.
SkyscendPay – The Invoicing Solution You Need
SkyscendPay is an AI-based central portal that facilitates complete access to functionality, analytics, and results. It integrates data from disparate sources into a single, easy-to-use interface for user satisfaction. Any kind of business solution can rely on SkyscendPay for an easy, painless, and transparent procurement and experience ease at all levels. This one-stop solution for the entire invoicing process of all kinds of businesses helps us view and analyse invoices, communicate with suppliers or consumers, and view curated analytics – all without switching a tab.
Besides the above-mentioned vital features, this solution has a lot of other exciting factors. SkyscendPay follows WCAG -Web Content Accessibility Guidelines; it is being established through the W3C process in partnership with individuals and organizations to create a single shared standard for web content accessibility that addresses the needs of individuals, organizations, and governments worldwide. It is also ADA – Americans with Disabilities Act compliant. It has an automatic supplier side alert system, enabling the suppliers to receive an alert to submit their invoices on time.
SkyscendPay is a centralized platform that provides extensive access to functionality, analytics, and data. It combines data from various sources into a single and easy-to-use interface.
Switch today to SkyscendPay to make procurement easy and painless for all users. Its transparency and accuracy help you grow your business efficiently.