How to process invoices 71% faster while solving the problem of human error

Untitled design 42 | How to process invoices 71% faster while solving the problem of human error
By Toby Lester | 10th January 2020 | 8 min read

What if you could make your business's invoice processing 71% faster overnight?

It sounds impossible – if you work faster, surely you’re more likely to make mistakes? However, thanks to new technological advances, computers can take over this task for you.

Optimised invoice processing

Over the years, technology has optimised a host of business processes, but invoicing – one of the most laborious low-value tasks – has slipped under the net. Finally, there’s an entirely new way to manage invoices that will flip the process on its head.

Automated Invoice Matching makes these old manual processes redundant and wins back time for your staff to focus on the tasks that really matter. As invoices come in to your organisation’s dedicated email addresses, the system can read them, determine what information to match them to in your financial system, and reconcile them against purchase orders.

If you receive a paper invoice or if they reach you from any other source, you can even scan them in and let the system do the heavy lifting for you. These documents are then stored in your financial system for auditing purposes.

There’s no need for a human to do anything in this process, although these invoices can also be routed to a key stakeholder for their approval.

The most accurate way to process invoices

There’s no longer any need to manually key in data from invoices. Not only does this save your staff time, but it also eliminates the risk of human error, which can cost organisations dearly in time and money – or even damage their reputation with key suppliers.

Machine learning means the system is intelligent enough to recognise any invoice. It can even process them with a dramatically lower error rate than humans, as there’s no risk of typos or misreading a document.

Dramatically reduce invoice processing costs

As you’ll increase the speed of paying suppliers, you can take advantage of early payments savings and improve your organisation’s reputation, helping you to secure the best deals. You’ll also save on staffing costs, as you can reallocate finance staff to important projects that advance your organisation’s cause.

Because Invoice Matching is hosted on the cloud, you can use it across your business to standardise the invoicing process and make fantastic time savings across the board. As invoice matching can result in 80% reduced processing costs, it’s something you’ll want to introduce across every aspect of your organisation.

Advanced analytics

Once everybody’s onboard with invoice matching – which will take no time at all, thanks to the cloud – you can start to benefit from advanced analytics. This offers insight into your invoices that organisations have never before had access to.

If you want to see for yourself how Invoice Matching software can help you to process invoices 71% faster with a virtually non-existent error rate, visit our website to register your interest – we’ll be in touch shortly.