By removing manual, labour-intensive tasks from incoming invoice management, businesses can reduce the cost of processing invoices and avoid late payment charges, possibly even start benefiting from early payment discounts. They can reduce the effort involved in responding to suppliers’ enquiries about payments and be in a better position when it comes to audit time.
With invoices stored digitally, accessing information whenever it’s needed is a simpler task and the need for cumbersome, large physical storage is reduced.
Digital incoming invoice management involves three simple steps:
Paper invoices are scanned as they arrive to become immediately digitised and added to the system. If invoices arrive by email, covering messages and additional attachments can be added as well as the invoice.
This stage allows the invoice to be located through the search facility. Key words are added as metadata so that the invoice can be simply found in the future.
The information is stored in the right place within the digital library, giving a clear record of all invoices received and an auditable filing system. This helps users quickly navigate to the right invoice file or folder.
Digitisation: Paper vs Digital Invoices
By embracing digital invoice processing, companies can transform the manual disadvantages of:
- the cost of paper
- poor productivity
- physical storage costs
- and the potential for documents to be lost
Into the digital advantages of:
- access to invoice information from anywhere
- improved regulatory compliance
- electronic storage
- an enhanced ability to collaborate
- and speed up the accounts payable invoice process
To find out more about the benefits of digitising your incoming invoice management process download our latest ebook “Time to streamline incoming invoice management” at https://goo.gl/7rxA3T