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How To Get Your Invoicing Done Faster

Every business that has to deal with a significant number of invoices, comes across this question. Invoicing takes a lot of time and resources. Invoicing or if we consider the broader term invoice processing is part of the day-to-day operations of almost every business. Its volume and frequency may differ according to the business, but the basic process remains the same.

A business can either be sending invoices, receiving invoices, or both. A typical invoicing process of a business can be divided into some core functions

  • Invoice Creation/Invoice Reception
  • Invoice Review
  • Invoice Approval
  • Invoice Payment 

From the functional point of view, invoice processing can be classified into  two categories

  • Manual Invoice Processing

  • Automated Invoice Processing

The conventional approach of invoice processing has been manual for ages. Manual invoice processing hampers the productivity and profitability of a business. It not only takes valuable human resources and time but also increases the financial costs. The manual invoicing process is prone to errors, mistakes, fraud, and latency. At each step of the process, all of the above factors can affect the process in one way or another. As the volume of invoices grows in an organization, manual invoice processing becomes slow. Due to the financial nature of the process, it becomes necessary to involve multiple steps and persons to verify, approve and pay invoices. This slows down the overall process as the number of invoices grows. Every step or person involved in the process adds latency to the overall time-frame. Errors, omissions, missing, lost invoices, duplication, bogus, tempered invoices, and time delay are very common problems associated with manual invoicing or invoice processing.

In short, a manual invoicing process has its limitations and it cannot work efficiently even with the frequency of a couple of invoices per day. So what’s the solution?

The solution lies in the automation of the process. Like every other aspect of life and business, computerization has changed a lot in invoice processing as well. Now it is possible to automate the entire journey of the invoice within a business. Invoice automation has not only expedited the overall process but has also eliminated or marginalized many other challenges related to invoice processing. An automated invoicing system allows invoice input in many ways. Now an invoice can be entered into the system through a scanner or even the camera of your mobile phone. An invoice once entered into the system not only becomes available to all the concerned parties but also becomes safe from being lost. It can be moved within the organization or even with the 3rd party supplier or vendor within no time. The review, approval, revision, and rectification that would have taken days in case of manual invoice processing becomes a matter of minutes only. That not only saves time but also free-up valuable human resources. This way it helps the organization to use its existing resources more efficiently. The employees of the organization become more productive. The time required for manual dispatch between multiple locations is also saved. The studies have shown that a good invoice processing/management automation system can :

  • Expedite Invoice review & approval cycle up to 60-65%
  •  
  • Achieve Data Accuracy up to 95-100%
  •  
  • Reduce workload from 70-80%
  •  
  • Reduce payment errors  up to 60-70%
  •  
  • Reduce cost per Invoice up to 40-50%
  •  
  • Reduce reconciliation efforts up to 70-75%

The differentiators are very obvious. It can be safely said that an organization can easily be twice more efficient and productive while saving half of the time and cost by implementing invoice automation.

Now we can see that invoice automation is the best solution for greater efficiency of invoice processing. It not only helps you get the invoice done faster but also makes it more accurate and cost-effective.

InvoiceMate

InvoiceMate is the first-ever invoice management system that is based on blockchain. Blockchain not only eliminates the challenges of manual invoice processing but also adds a new level of trust and transparency which was not possible with legacy invoice automation solutions. InvoiceMate is a complete invoice management solution by MateSol that brings trust and efficiency to every step of the invoice journey.

Want to know more about how InvoiceMate can get your invoicing done faster, write us at:

mate@invoicemate.net

Please feel free to contact us for product demo.