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Why modern invoice processing is essential for businesses | Docuware | image of business owners
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Why modern invoice processing is essential for businesses

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Tired of wasting valuable hours dealing with manual data entry and piles of paper? Here are four ways automated invoice processing can save you time and money. 

20th Feb 2023
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Businesses of all sizes have one thing in common - they process invoices. But the way they process them may not be the most effective or efficient. If your finance team is still having to deal with piles of paper and manual data entry, and filing and approval are taking up valuable hours each month, then it’s time for a change.

The promise of a good document management system is to manage and keep track of the invoices that your business receives, eliminating paper and saving time. So, what are the benefits and why should finance teams make the switch?

Updating your finance workflows with a modern automated invoice processing solution means that you’re able to bring about a number of improvements and efficiencies. 

All the invoices can be digitised - with paper invoices received simply scanned in and data automatically extracted and entered into your business systems. The most useful solutions use advanced Machine Learning technology to instantly identify the relevant information on an invoice and convert it into structured, usable digital data. Previous indexing corrections are remembered, so entering a new invoice can trigger accounting workflows ensuring that indexing, routing, paying and secure archiving of invoices is faster and more efficient. 

Digitisation can also give organisations better visibility on spending, quick access to data on suppliers, and accurate information on products and services purchased. 

Tackling resource issues

For many businesses, simply managing the volume of invoices coming in can be a real problem.

Stephen Elliott, Finance Director at Stuart Plumbing and heating supplies, was facing exactly these issues as the growth in the business meant that the thousands of invoices they were processing each month were taking up nearly two full-time team members.  

“We were looking to speed up the invoicing processing time, improve the accuracy of capture and eliminate errors. Implementing DocuWare meant that a task that would have taken the whole month to complete, we can now close off 10 days earlier.”

Anton Dreyer, Digital Operations Manager, Jura Products, agrees, explaining how incoming paper invoices are scanned directly into a digital tray in the reception area and then sent on to the accounting department. From there, the invoices are posted in Microsoft Dynamics Navision and automatically indexed using data from the invoice and placed in the electronic file cabinet. Manual filing is completely eliminated.

Automation saves time and money

Speaking to AccountingWEB Benedikt Dischinger, VP Finance from DocuWare said: 

Invoice processing is easier when you have the right automation tools. Businesses save time and money; manual errors are eliminated, and invoice data and backup images are safely archived and just a compliant click away.”

More than half of DocuWare customers use the software in their accounting/finance departments. Here’s what DocuWare consider to be the top four benefits:

1. Eliminate paper and manual data entry

With invoice processing software, you can save space, save time and save yourself the headache of manually keying in data from the stacks of paper invoices piled on a desk.

2. Automate workflow and exception handling

Establish automatic approvals based on amounts, vendor or other data, or set up digital workflows to route invoices to key decision makers. This reduces errors and potential fraud, saves time and effort and ensures things don’t get missed. 

3. Reclaim early payment discounts

Many vendors offer early payment discounts. An automated invoice solution can mean your team is able to process invoices before they're due and make the most of any discounts, avoid late fees and improve your business's reputation by ensuring that you pay your vendors on time. 

4. Dramatically cut audit prep time

Reducing the time spent on auditing your company's financial accounts and reporting means lower audit fees. When you have a modern digital invoice process all the way from receipt, through to approval and payment, you’re able to access them easily when it comes to audit time. With the right software, invoices can be searched and found instantly and made accessible to auditors and authorised users.

Integration with your ERP

Modern invoice processing tools like DocuWare integrate with other ERP or accounting systems, improving efficiency and allowing accounting and finance leaders to redeploy team members onto other transformative high-value projects. 

Automated invoice processing ultimately makes a company more attractive to its employees, because reducing repetitive manual processes provides a better working experience. Suppliers are also happier because vendor invoices are promptly processed.

In today’s world of automation, speed and efficiency, no organisation can afford to have outdated tools or manual processes. 

DocuWare has helped more than 15,000 customers modernise and simplify their invoice processes through digitisation and automation. To learn more about it visit us at DocuWare.com and download your free ebook.