As many as 71 percent of AP departments automated invoices in 2018. 2020. This is because using invoice automation software has been proven to increase productivity so that companies can focus on business development.
It is not surprising that these numbers will increase in the coming period. The following is a list of more than one function offered by invoice automation as per the following review:
More Efficient and Accurate Invoice Processing
When doing what is called invoice payment processing manually, it does take a long time. Moreover, if the data being managed is large, it will take up more time.
Of course, it will be different when using automatic invoice creation. Later, the system for extracting information and entering it into the system will be easier. It’s no less easy to match or validate existing purchase orders.
Approval of the final payment can also be carried out more efficiently in a relatively short time. In addition, non-conformities and inaccuracies caused by errors in processing can be minimized.
Cost and Labor Saving
Some are of the view that manual tasks are one of the biggest reasons for the large accounts payable costs. Therefore, invoice payment automation can minimize the need for high costs and labor used.
Research results show that digital AP platforms can reduce system costs by up to 81 percent. This is because the automation system used can eliminate most of the humans involved in invoicing.
Apart from that, quite a few businesses offer early payment discounts. Apart from that, it is also able to produce invoices in a faster time and can be used to reduce company costs incurred.
With Peakflo, we can save 69 hours/month for producing approval invoices and 210 working hours/month for budget reporting and recapitulation.
Increase Achievement and Prevent Fraud
The invoice process that uses this automatic method is also capable of improving compliance with existing decisions. The reason is that systems that are known to provide AI assistance can improve the quality of invoice validation.
This is because the available files are stored digitally. Later, the AP team and the client will have access to the file. Concerned parties will be provided with information if differences or cases arise.
How to Optimize Invoices?
In general, manual invoice management is recognized as being able to prevent business operations from being carried out. The reason is that by using an automation system like Peakflo, you can produce invoices in a shorter time. Here’s how to optimize invoices with an automated process:
Accelerate the retrieval of invoice information by using Mauju Invoice Pricing Management Software technology and entering the ERP system using higher accuracy. Carrying out analysis and detecting non-conformities early on has the benefit of minimizing problems that occur. The AP team will later be able to increase the satisfaction of interested parties to minimize concerns.
If you need work related to invoice information faster, then using invoice automation software from Peakflo is the right solution for you. Because invoice automation will make your workflow smoother. So your advanced account team will be much more agile, and build better relationships with business partners.
