The Benefits of Automating Invoice Scanning and Processing
Automating business processes is an essential consideration for companies in today’s competitive world. Automation offers lower costs, greater accuracy, less complexity and many other benefits. In addition, it can be applied to a number of business needs, including accounts payable. Automating invoice scanning and processing provides businesses of all sizes with a range of advantages and benefits.
Why Automation Rather Than Outsourcing
Outsourcing has become a globally accepted way of reducing operating costs within a business without sacrificing productivity or profitability. However, it’s not without its risks, and when it comes to accounts payable, those risks can be considerable. Misplaced invoices, lost billing information, late invoicing and outsource service providers that don’t have your company’s best interests at heart are just some of the risks run here. To combat those risks, many firms have chosen not to outsource their accounts payable needs. This can be just as risky, and can increase your operating costs by a significant margin. The better solution is automating invoice scanning and processing.
A Look at the Benefits Offered
There are numerous benefits offered by automating invoice scanning and processing. One of those is the ability to eliminate personnel issues within your organization or with an outsource service provider. Both will reduce your operating costs now and in the long term, but you can also help streamline operations and ensure that your department is focuses on core business competencies.
Another advantage is the greater speed of accessing your documents in the case of an audit. With an outsource service provider, gaining access to vital documents can take days. Even with an in-house solution, it can take a long time, particularly if your hardcopy records are stored offsite. With automated invoice scanning and processing, you have access to those documents in minutes.
Accounts payable processing requires considerable expertise, even with automated scanning in place. Working with an automated service solution that has years of experience and knowledge ensures that you benefit from that professionalism and expertise.
A final benefit is that you gain with the right solution is essential compliance with regulations. A skilled automation and processing provider will offer PCI-certified, SAS 70 Type II compliant solutions for your business.
How It Works
So, how does automated invoice scanning and processing work? It’s relatively simple and straightforward. All invoices go to a digital mailroom (which ensures you don’t have to worry about dealing with paperwork in-house). From that point, they are scanned, digitized, and submitted for your approval. Once approved, the invoices are processed and integrated within an ERP or AP system (depending on how your business is set up). It’s that simple.
In the end, automated invoice scanning and processing offers you the ability to streamline your business, cut costs, increase accuracy and profit, while simultaneously cutting out the need to process hardcopy invoices. It’s a highly beneficial solution for any size business, but particularly those companies in need of a more competitive edge in today’s world.
– Data Czar @ DEO