Five ways to grow your practice through invoice automation and approval applications
As micro businesses grow, they face new challenges which can make or break their ambitions and their business. Unless the management of these organisations get good advice, the risk of failure increases.
As every MD of a growing small business will tell you, cash flow management is the greatest threat. This is exacerbated as more people get involved in the purchasing process, more suppliers are added, and the volume and value of supplier invoices increases.
All of this generates more administration work, which is simply an additional (if essential) cost, but this also increases the cash flow risk when the supplier invoices go missing and deliver an unexpected cost at the worst possible moment.
These MD’s need help and advice so here are three key reasons why they will welcome a call from their accountants:
- Reduce admin overhead costs whilst growing - Rather than add additional admin resources and cost to deal with the increasing volume of invoices, automating the invoice capture and approval process can save between 65% - 90% of the current resource, freeing the time to do more beneficial work.
- Real-time cash requirement reporting - By requesting their suppliers to send their invoices as a PDF via email and scanning the paper ones, every invoice can be captured on arrival, delivering a real-time cash requirements report based on the credit terms of the supplier and even include PAYE/NI, Payroll and anticipated VAT payments to provide the full picture.
- Supplier Management - Getting supplier credit accounts and then increasing their credit limits is a fundamental step to cash flow business growth. This will only take place through making prompt supplier payments and building a reputation as a good customer. The ability to ensure every invoice is diligently processed, every query is handled efficiently, and every credit control call demonstrates they have total control over the process, goes a very long way to achieving a growing credit limit as well as potentially better prices.
For accounting practices, the first three points open the door to re-engage with your existing clients, as well as contact prospective new clients with a proposition that will resonate with the MD of almost every growing business.
The last two points are how this new automation impacts your practice:
- Available for EVERY accounting application - Whilst there are lots of invoice capture applications available (and a handful of invoice approval applications), there is only one that enables the simple integration with ANY accounting application, whether cloud or more important, locally deployed within the client’s business. This is a new and virtually untouched market simply because this level of invoice capture and approval process has never been available, or if available, only at a price that is unjustifiable for small organisations.
- Outsourced services - Most of these small but growing businesses will have part-time book keepers, or even the owner spending more and more of their time on accounts payable. Very few will have dedicated financially trained resources. The ability to improve productivity, provide real-time supplier and cash flow information and actually reduce their costs (whilst providing best practice AP audit compliance as a by-product) is compelling, especially when your practice can also contribute to improving their overall financial management.
iCompleat is a true next-generation accounts payable automation application, that leverages our advanced AI and machine learning technologies and invoice capture processes from our very successful eCompleat procure-to-pay software, delivered at a price point that makes manual processes an unnecessary waste of time and money.