Automating invoice management helps businesses to free up expensive Facilities and Administrative (F&A) resources. This, in turn, would reduce the overall project costs significantly. If you can automate the invoicing system of your company, your vendor negotiating power would increase. Additionally, you will get to include more favorable payment terms. You will also see a considerable improvement in your cash flow visibility. Read on to know more about the positives automation of invoice management brings to a business.
You’ll Save Your Precious Time
According to recently obtained numbers, automation can decrease the invoice-processing time from 20.8 days to just 3.8 days. Most businesses keep looking for ways to save time. Thus, automating the invoice management system should be the way to go for them. This purchase to pay process will shorten the process and make it easier to deal with vendors in need of quick money. You will also have enough cash in hand, which is good news for any business.
Your Business Will Enjoy Operational Efficiency of Highest Order
You must not be a big fan of on-hold music. The same stands true even for your customers. You should never put your vendors or customers on hold as you dig up invoices. If the invoice processing system of your company gets automated, it will allow you to speed up things and improve both customer service and vendor relations. Your operations will score more impressively in departments like service quality and accountability.
It’s entirely up to you whether you would like to introduce a high level or low level of automation. However, you must be aware of some numbers before you decide. According to numbers obtained during a recent survey, shifting from low level to high level of automation allowed employees of a business to process as many as 3,647 POs per month. The number used to be around 930 POs prior to this change.
Need for Physical Storage Space Will Reduce
It would be great if you can do away with file cabinets. That’s because these expensive, heavy, and cumbersome pieces of furniture occupy valuable floor space in offices. Automation of invoice management will allow you to vacant your workspace and will also reduce the use of paper. As a result, this form of automation can also be categorized as a green business practice. Digital storage will also prevent events like defacement and misplacement of files.
Enables Better Data Security
If you use software to manage your invoices, you will not need to share confidential information regarding your business with a large group of people. Those facts and figures will be accessible only to a few people working with the software. This will reduce the possibility of a data breach or data theft significantly.
Don’t use an invoice maker without gathering enough knowledge about it. Read through reviews and feedback written by existing users. Make sure that the tool is a reliable and secured one. Initially, use the tool for smaller operations. Once you are happy with the results, introduce it to all your business operations.