Invoice Automation – Save time, money and office space
Manual invoicing can often cause backlogs in your financial processes, resulting in payment issues and ultimately poor supplier relationships. Modern Invoice Processing Technology can help transform your Finance and Accounts Payable Processes, saving you valuable staff time, allowing you to focus on core AP activities and eliminating mistakes e.g. duplicate payments.
Consider reviewing your existing processes as these could be costing your business a small fortune! Take stock of the manual tasks and paper based systems your AP department is currently undertaking, including the costs and time associated with this, e.g. photocopying, stationary, postage and manual data entry, as these can quickly accumulate.
Common issues experienced by Accounts Payable Managers include:-
“My staff spend most of their day scanning invoices, when they could be focusing on key AP activities.”
“I often find myself chasing lost or misplaced invoices, which causes delays in our approvals process.”
“Having staff manually input data can often cause information discrepancies within our systems.”
Research from PayStream Advisors suggests that 52% of respondents said an overreliance on people and paper-based processes was holding them back.
What does an invoice automation service do?
- Cleardata’s Invoice Automation technology can extract key information from your invoices automatically and verify your incoming data.
- Paper and electronic invoices can be diverted to Cleardata’s scanning bureau. The team will open, sort and scan your invoices. Electronic invoices can also be sorted on arrival, with key information automatically extracted.
- Once scanned, intelligent software will read your invoices. This recognises and learns invoice fields and formats, identifying your required fields, including areas such as; supplier names, purchase order numbers, VAT registration, line items and amounts.
- The solution can automatically verify any of this data against your existing supplier databases, such as supplier or purchase order data, improving the accuracy of your incoming invoice data and reducing manual data entry requirements.
- Financial data can be output in any required format to suit existing systems.
- Workflow Software – Invoices can be routed to the correct person within your company for authorisation, approval or query.
Watch our Invoice Automation testimonial video and discover how we helped Virgin Care transform their processes.
We’re holding a half day seminar about our invoice automation and digital mail room services in Euston Square, London on the 10th November 2015. For further details click here or follow the link to register. Please click here to register