InvoiceMate will change your business, but how? Let’s take a look.
Managing accounts is one of the biggest challenges for a business. It decides the fate of a business. Many profitable businesses can sink just because of poor accounts management. That is why the businesses put lots of resources and efforts to take good care of their accounts. The invoice is a very important document in a business. Whether you sell or purchase, in either case, the invoicing will occur. As most of the businesses are involved in buying and selling goods and services simultaneously so there is a significant number of invoices in both ways. To deal with invoice processing efficiently, businesses need some invoice management mechanisms. Considering the importance of invoices in the overall accounting system of an organization, the process requires some dedicated resources. Let’s take a little closer look at invoice management.
Invoice Processing & Invoice Management
People often use the terms invoice processing and invoice management alternatively. That is not correct. Invoice processing is a component of invoice management. It can’t effectively replace the term invoice management.
Invoice processing is the journey of an inbound invoice within the receiving business. It begins with the reception of the invoice and ends with the payment of the same. It can be said that invoice processing is a function of accounts payable. Different stages of invoice processing can be classified as:
- Invoice Reception
- Invoice Validation
- Invoice Approval
- Invoice Payment
Contrary to the invoice processing that covers accounts payable only, invoice management is a broader term that covers both inward (purchase) and outward (sales) invoices of a business. Not only this, invoice management is about all the relevant pre and post invoice documents like quotation, purchase orders, delivery receipts, etc. Invoice management also deals with invoice financing/factoring.
InvoiceMate is the next-generation invoice management system on blockchain that offers unparalleled trust and efficiency throughout the invoice journey. Let’s explore how:
InvoiceMate Will Change Your Business
InvoiceMate is the first blockchain-based invoice management system in the world. It employs all the goodness of blockchain to not only meet the challenges of manual invoice processing but also address the shortcomings of conventional invoice automation solutions.
Challenges of Manual Invoice Processing Addressed by InvoiceMate
Manual invoice processing, as the name suggests, is where invoice management is done by people without involving automation. With the growth in business sizes and the evolution of technology, it is becoming obsolete. This type of invoice processing/management has its limitation and is not work beyond a certain size and volume of the business.
Major challenges of manual invoice processing are as follows:
- Fraud Vulnerable
- Lacks Scalability
- Lacks Transparency & Visibility
- Lacks Security
- Lacks Visibility
More on these challenges can be found here. To meet these challenges, invoice automation was introduced. Invoice automation significantly reduced these issues but was still unable to solve some of the problems, like:
- Errors and Omissions
- Fraud Vulnerability
- Transparency & Trust
- Data Silos
- Cross-Organizational Collaboration
Conventional technology was unable to effectively address these problems. That’s where the blockchain comes into the picture. Blockchain was created to address the legacy issues that existing technology was unable to solve.
How InvoiceMate Will Change Your Business
InvoiceMate is the world’s first blockchain-based invoice management system that effectively solves the problems associated with conventional invoice automation solutions.
Let’s take a look.
Errors and Omissions
Utilizing the inherent features of blockchain, InvoiceMate eliminates errors and omissions by adding much more connectivity, visibility, and transparency at every level. Errors are easily traceable and rectifiable as they happen.
The transparent mechanism of InvoiceMate makes all the processes visible to all the stakeholders. This prevents frauds like duplication, tampering, and ghost invoicing.
Transparency & Trust
Blockchain-based InvoiceMate adds unparalleled transparency for all the stakeholders that is a hallmark of blockchain technology. All the stakeholders are not always transparently connected to the process in real-time but can also validate and verify the records on their own. This level of trust and transparency is not possible in a non-blockchain solutions.
Data Silos are the inherent feature of legacy database solutions. InvoiceMate with blockchain effectively addresses the data silos problem through its distributed architecture.
InvoiceMate provides maximum visibility into the process to all the relevant parties. This prevents errors and frauds as well as establishes an unmatched trust level among the stakeholders.
Thanks to the inherent security features of blockchain, InvoiceMate by MateSol not only offers inter-departmental or intra-organizational collaboration but also makes cross-organizational collaboration possible. All the stakeholders can simultaneously connect to the system without risking their data and privacy.
With all the above features InvoiceMate makes invoice management better than any other solutions available in the market. Better invoice management earns you better profits. With the power of blockchain and Artificial Intelligence (AI), InvoiceMate makes invoice management much more secure, transparent, trust-able, and efficient. That is how InvoiceMate will change your business in a positive direction. To ask for a demo or to know more about the future of invoice management, please feel free to write us: