If you are still manually handling, processing and filing supplier invoices, your business could be leaving significant savings on the table.
Manual processes are inefficient, particularly when companies receive most of their supplier invoices outside of a centralised system. Handling and processing supplier invoices, purchase orders and employee expenses using paper-based processes is time consuming and repetitive.
Data entry errors and the subsequent delays to invoice approval times are a headache for finance departments and can cause tension with suppliers. If an invoice payment is delayed, early payment discounts cannot be secured, and the company may be forced to pay penalty fees or interest if the invoice is overdue.
Automation solutions for supplier invoices
Each of these processes can be handled more efficiently with automation. This will eliminate the need to manually enter invoice details into spreadsheets or ERP systems and allow invoices approved much quicker.
By using an automation solution, supplier invoices can be input, archived, distributed and even approved automatically – or sent to signatories to quickly approve spends while on the move. Deployments require little resource, especially if you choose a cloud-based solution. Software is available that is flexible enough to meet the needs of even the most complicated supplier invoice management workflows.
Speed up approval processes
Ultimately, businesses looking to improve productivity, speed up invoice approvals and reduce processing costs need to move towards an automated invoice management environment. If they don’t, they risk continuing with inefficient processes which stifle agility, hamper growth and threaten the bottom line.