Is Poorly Managed Invoice Processing Damaging Your Business?
Invoicing is a fundamental part of any business’ success, but it’s also one of the areas most prone to mistakes. Poorly managed invoices can result in errors; damaging profits as well as the reputation of your company. Thanks to advances in technology these mistakes are now easily avoidable. Automated invoicing processing solutions can help remove the need for manual processing, eliminate human error and speed up your invoice payments.
Some companies are reluctant to switch, as it can be a daunting task to replace historic systems and processes within your business, however, the benefits of automated invoice processing are clear and Cleardata makes it as simple as possible to make the switch.
We understand the importance of an effective invoicing system, which is why we are proud to offer a comprehensive range of modern services for you and your business, supported by a team of automated invoice processing experts. From Invoice Mail Room to Scanning Services, Intelligent Data Capture to Automated Exception Handling, Cleardata hasa solution to help.
Invoicing is naturally important as it helps to secure the profits of your business. Almost any business in any sector could benefit from increased invoice efficiency. And nowadays there is a range of invoicing solutions to ensure there is one to suit every company. Innovative, intelligent systems are now available to process: progress billing, collective invoicing, recurring invoicing, subscriptions and more. So, whether you work in web development and design, or engineering and wholesale, it is clear that a smoother invoice service could benefit you and your company.
Even with the most efficient accounts teams, invoice mistakes are easy to make. Common issues include:-
- Human error – one of the most common mistakes is incorrect client information which can hinder customer satisfaction levels as well as invoice processing speed.
- Invoice duplication, requesting them to pay for services twice.
- Incorrect VAT is another common error which contributes to a customer’s dissatisfaction. But it’s not just the client who can suffer, mistakes in the information provided will delay payment, meaning it’s your business who will feel the consequences.
Automated invoicing systems can immediately help any business to increase efficiency thanks to their unbeatable accuracy. These systems help to save both time and money- with research suggesting that they can reduce the cost of invoicing by 60% and speed up the payment process by up to 33%.
AP clerks whose time is often dominated by scanning and re-scanning paper invoices and manually entering data can be relieved of these menial tasks with an automated system, providing them with more time to complete other more productive jobs.
Automated Invoice Processing
Automated Invoice Processing is one of the most popular services available at Cleardata. This enables your company to divert invoices to us for digitisation, automatically extract data from the invoice, validate information against key rules or criteria and produce a folder of exceptions for your AP team to handle; reducing the workload for your accounts payable department, increasing the quality of scanned images and data accuracy.
This service is ideal for those who deal with high volumes of paper invoices, a variety of invoice formats or a range of tax brackets and currencies. Our intelligent capture software can quickly identify a range of errors e.g. duplicates, incorrect currency or legal entity, no purchase order, or even a variance between the invoice total and purchase order value. This can increase your AP team efficiency, ensure invoices are paid on time, reduce supplier queries and improve supplier relations.