Save Time and Money with Automated Invoice Processing

Improving efficiency is an important goal for every business. Seeking opportunities to add automation to avoid time-consuming manual work is a great step towards achieving that goal. Every organization has bills to pay, and streamlining your accounts payable from both cash in and cash out perspectives can have an impact on your financial health. In this article, we will explore the benefits of automating your invoice processing and the impact it can have for your business. 

What is invoice processing?

Invoice processing is the set of steps that a business takes to receive an invoice from a supplier or vendor, pay it, and track it in the ledger. When completed manually, each step in the process is a discreet task that must be done with attention to detail to ensure all bills are paid. Whoever is in charge must ensure all invoices are checked for accuracy, processed efficiently, paid on time, and get the necessary approvals from within the company. 

What can go wrong?

Because of the detailed steps involved, whoever is responsible for invoice processing must be diligent and timely to avoid making a mistake. Some unwanted consequences of human error can include:

• Missed payments 
• Damaged relationships with vendors
• Inaccurate books 

What is automated invoice processing?

Automated invoice processing takes the potential for human error out of the accounts payable department. While manual invoice processing can be less cumbersome if your business only receives a few invoices per month, invoice automation can be a game-changer for business with a more active accounts payable list. 

Automated invoicing puts software in charge of accounts payable and covers the process end-to-end. It allows team members to check and validate important information, but it removes the potential for mistakes and oversight. 

What are the benefits? 

When you use an invoice processing system, you benefit from a handful of features that make your workflow more efficient and more accurate: 

• Speed: Automation allows you to process your invoices faster through an organized workflow with reduced human involvement. 
• Accuracy: Overseeing payments is an important role in any business, and an error could be costly. With automation, opportunities for mistakes are greatly reduced. 
• Timeliness: Because invoices will automatically enter the queue and begin processing once received, you are more likely to make all of your payments on time and therefore uphold positive relationships with your vendors. 
• Efficiency: Your team won’t waste their time with manual tasks and can free up their day to oversee more analytical and strategic responsibilities. 
• Analytics: Automated invoicing platforms like Modern Receivable offer features to track trends, forecasts, and payment cycles so you can gain a more nuanced understanding of the financial health of your business. 

Work smarter with Modern Receivable

The same is true for getting your customers to pay their invoices. Modern Receivable's automated invoice management system is revolutionizing the way businesses like you get paid, making processes easier for both parties in a transaction. With detailed analytics, email integrations, and automatic follow-up options, you can spend your time focused on the big picture and get your head out of the books. Get started with automating invoicing in just five minutes with Modern Receivable. We make the process smooth, so you don’t have to stress about making or receiving payments. Eliminate manual tracking and invoicing today.