Automation has become a well-known buzzword used to define the use of technology to automatically carry out tasks with minimal human intervention. The invoice management process is no exception. Here there are plenty of opportunities for automation.
Advantages of Automated Invoice Management
In this blog post, we take a closer look at the benefits you can gain by automating your invoice management and offer our best advice on where to start if you intend to implement it in your company.
Here are 6 advantages of automated invoice management:
- Increases Efficiency & Saves Time: Slow and inefficient processes cost your company time and money. With automation of the invoice process, repetitive tasks can be performed quickly and efficiently with the use of artificial intelligence, thereby increasing speed and optimising the workflow.
- Fewer Errors & Greater Accuracy: Manual work will always involve a risk of human error. Automation of the invoice process significantly reduces this risk while increasing the accuracy and quality of the work.
- Reduces Costs: Investing in the automation of your invoice process is an investment in your company’s future. Despite the implementation costs of the invoice management solution, automation can achieve noticeable long-term savings due to increased productivity in your invoice management.
- Better Working Conditions: By allowing automation to handle routine tasks, your employees are freed up to focus on more meaningful tasks in your company.
- Scalability and Flexibility: Automation makes it easier for your company to continuously adapt operations to changes in demand without significant logistical or financial challenges. Whether you receive 5 or 100 invoices, automation ensures that the process continues to run efficiently and smoothly.
- Better Decisions: Automated data collection and analysis provide you with quick access to valuable real-time insights, enabling you to make better decisions.
Where Do I Start with Automation?
There is no doubt that you can achieve many valuable benefits through the automation of your invoice management. In short, the implementation process looks like this:
Step 1: Digitalisation and automation of the invoice receipt.
Step 2: Automation of the validation and approval process to create a better flow.
Step 3: Automation of the booking and matching of invoices, reducing processing time by up to 70%.
Step 4: Integration with ERP- and financial systems ensures a seamless flow and real-time updates.
Step 5: Through continuous evaluation and optimisation, you can achieve an automation level of 90%+. Want to know more? Read our blog post on how to automate your invoice processing here.
