Automated Invoice Management - No Longer the Preserve of Giant Multinationals
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(firmenpresse) - Invoice management solutions had been initially observed as the preserve on the giant mega-sized corporations, the massive multinationals and international conglomerates stretching about the world and criss-crossing the nation with branches and offices.
Having said that - and while these larger organisations are continuing to streamline their Accounts Payable (AP) processing with automated solutions - many other businesses are recognising the benefits of implementing an automated invoice management solution.
They are established, flourishing businesses, commonly with turnovers of £30m to £500m, usually independent, occasionally family-owned, and operating across a number of areas or could possibly be based at one. From across the board industry-wise, these organisations represent various markets, from retail and finance, to hospitality, manufacturing issues, delivery and logistic companies, educational establishments, health and service providers.
The unifying aspect is that these expanding organisations want effective AP processing.
The Accounts Payable department remains one with the most paper-rich and process intensive in any organisation.
Implementing an invoice management solution indicates those paper-based invoices can be converted to electronic form, eliminating the problems associated with processing paper - danger of loss, cumbersome storage needs, access and security troubles, plus the related fees.
An invoice management solution also enables efficient processing of the growing number of e-invoices sent and received - at present lots of companies need to print these to continue processing.
Utilising an invoice management solution also means that all invoices may be processed regularly, within the identical system and irrespective of original format.
Invoices are automatically matched to orders and receipts, queries resolved, invoices coded accurately and authorisation completed in accordance with business rules anyplace inside the business through the internet.
Automated workflow brings additional key benefits - enhanced visibility and control, alerts set to make sure deadlines are met, the automatic processing of repetitive tasks to free AP staff for far more strategic work, plus the associated reduction in processing costs.
And 'enhanced visibility and control' are not just buzz-words. One with the key business issues facing an organisation is that of late payment - and proof points in most cases to this resulting not from a deliberate policy but because of poor practice and inefficient and slow manual invoice processing procedures around the part on the payer.
Inside a report final year Bacs, the not-for-profit organisation responsible for 'maintaining the integrity of payment connected services' stated: 'Frustratingly, when chasing late payment, pretty much one in five SMEs (18 per cent) have been merely told the customer had either forgotten to pay or simply hadn't got about to settling the bill.'
With calls for the government to take even more stringent action to guard businesses against late payment and toughen the government's Prompt Payment initiative late payments are going to develop into an increasingly significant headache for the late payers also as these organisations owed money.
Enhanced visibility and control also assists organisations get rid of duplicate payments.
The industry for invoice management solutions is surely developing with companies also attracted by the potential to extend the benefits of document management inside the AP division to other business regions, leveraging on their initial software investment.
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Datum: 22.07.2020 - 10:09 Uhr
Sprache: Deutsch
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