5 Benefits of automating your invoices
Invoicing can be a painfully slow and tedious task that takes away time from more important aspects of your business. Traditional invoicing methods can take hours and even days to complete, requiring extra staff and resources that cost your business valuable time and money.
Automation of processes such as invoicing are becoming increasingly popular, with more and more businesses realising the potential. Advanced Business Manager has the capability to automatically extract and process your invoices, streamlining administration functions and bringing new efficiencies to your business.
Below are 5 benefits of automated invoicing:
- Saves time
- Fewer Invoice errors
- Lowers costs
- Reduce physical files
- Improved data security
Automated invoicing reduces the time needed for processing and frees up your employees to focus on more important tasks as opposed to routine paperwork. Automated invoicing significantly reduces the time needed to process an invoice and removes human error, an aspect of paper based invoicing that requires unnecessary time to resolve.
Using an automated invoicing process speeds up cycle times as aspects of invoicing such as data capture, data entry and invoice matching are initially completed with accuracy reducing the need for follow-up.
Automated invoicing creates an online record of your files and then storing these files online reduces the time taken to locate historical invoices that in other cases may have been lost or located deep in filing cabinets.
Fewer Invoice Errors
Removing human intervention reduces the likelihood of human error that results in incomplete, inaccurate and inconsistent invoices.
Human error is unavoidable, one of the main benefits of using an automated invoicing process means your files are all in one place and can be analysed in seconds for any sign of error. Not only does this significantly reduce invoicing errors but it saves time and money that is involved in amending any problems using a paper-based method.
Fewer invoicing errors also improves the overall look of your company, constantly sending out invoices with errors is unprofessional and not a god look. Having your invoices accurate and consistent means your clients have a better view of your business, which in turn can lead to referrals, gaining you more business.
While there may be initial cost to set up an automated invoicing system, in the long run the savings outweigh the spend.
One major benefit of automated invoicing is that it decreases manual tasks and labour costs. Removing the need to spend hours on invoicing means many companies can reduce their costs of labour by removing the need to hire extra administrative staff and decrease the need for printing and mailing overhead of paper invoices that adds to unnecessary.
Reducing the time it takes employees to process invoices mean they are being paid to do more beneficial tasks that in many cases other employees would have had to be employed to handle.
Automated invoicing also reduces errors such as overpaying, paying twice or paying late fees when a paper invoice gets lost in a mountain of paperwork, these errors all add up to costs that can be saved with automated invoicing.
Reduce Physical Files
Traditional paper based invoicing results in files upon files all needed to be kept in a safe and secure location that takes up a load of unnecessary space in your business.
Even with an organised file system the likelihood of human error in misplacing or losing paper files something business need to be concerned about. Automating your invoicing process means there’s an online record of when and where your invoices are, reducing the need for hours of time spent sorting and locating invoices.
Improved Data Security
With all the physical files that come with paper-based invoicing its almost impossible to be certain all your files are stored securely at all times.
Automated Invoicing helps you keep track of your files and gives you the ability to store them safely online in a secure location that gives only authorized employees access. This means your office will be more secure will less paper invoices stored in comprisable locations.
Automated invoicing provides clear electronic paper trails which make auditing a more straightforward and process.