If you are still manually filing and processing supplier invoices, your organisation could be leaving significant savings on the table.
This is because manual processes are inefficient, particularly when companies receive most of their supplier invoices outside of a centralized, digital system. Handling and processing supplier invoices, purchase orders and employee expenses using paper-based processes is slow and arduous.
Data entry errors and the subsequent delays to invoice approval times are a headache for finance departments and can cause tension with suppliers. If an invoice payment is delayed, early payment discounts cannot be secured and if it eventually becomes overdue, the company may be forced to pay penalty fees or interest.
However there is a solution. Instead of manually entering invoice details into spreadsheets or ERP systems, filing invoices for approval (which may be delayed if the signatory is away from the office) and paying supplier invoices manually, each of these processes can be handled more efficiently and effectively with automation.
By using an automation solution, supplier invoices can be inputted, archived, distributed and even approved automatically – or sent to signatories to quickly approve spends while on the move. Deployments require little resource, especially if you choose a cloud-based solution, and can also be fast as software is available that is flexible enough to meet the needs of even the most complicated supplier invoice management workflows.
Ultimately, organizations looking to improve productivity, speed up invoice approvals and reduce processing costs need to move towards an automated invoice management environment. If they don’t, they risk continuing with inefficient processes which stifle agility, hamper growth and threaten the bottom line.