How can automation transform the invoice management process?
Invoice management is an integral internal business function that serves to oversee the successful organisation and processing of invoice documentation, both sent & received.
An often time-consuming process, particularly for corporations and business organisations sending & receiving large amounts of invoices, automation can play a vital role in streamlining the management process.
Here, we’ll explore how.
How can automation transform the invoice management process?
Improving communication: automating communication between your accounts department and clients/vendors; enabling the automation of confirmation emails, remittances and deductions in your PMS or ERP system. Not only does this save your team time spent replying to and sending emails, searching for documentation and confirming receipt of payments, but also guarantees increased and improved communication between your brand and your clients and/or vendors - in turn, improving ongoing relationships.
Reducing risks and human error: the role of automation in invoice management also serves to reduce risk and the risks associated with human error - ensuring the correct invoice documentation is sent to the correct recipient with the appropriate message, and at the most appropriate time.
Reducing the number of overdue invoices: automations within invoice management can also have a positive impact on the time it takes clients to pay invoices and reduce the number - or risks of - overdue invoices. This, due to a number of factors, including - improvements in communication and reduction in human error, as well as to allowing your staff more time to spend on alternative and business-critical tasks such as improving business processes and monitoring cash flow.
Saving staff time: automation in the invoice management process inevitably saves staff time otherwise spent on manually processing invoices, therefore allowing your accounting team to spend their valuable time, skills & experience focusing on more business-critical tasks; not only saving your staff time, but also aiding business growth.
Increasing the speed of the approvals process: what’s more, by cutting the time spent by your team on invoice management, automation can also aid in speeding up the approvals process whilst also reducing processing times which, in some cases, can take days or weeks depending on the workload of the professional responsible.
Increasing team morale: alongside the above is the added benefit of freeing staff from tedious and/or time consuming manual processes which in turn can lead to an increase in morale, as staff members have more time to dedicate to challenging and/or urgent tasks; this leading, often, to improvements in productivity.
In short, the role of automation in invoice management is a business critical one, leading to a wealth of benefits to your brand, your staff and your clients & vendors.
To learn more about invoice automation and, specifically, the features offered as part of CreditForce, request a demo.