More and more companies choose to process incoming invoices digitally. The main reason: time and cost savings. But how does that work exactly? In this blog we explain, using a few figures, how digitizing these routine tasks leads to savings in time and costs.
More and more invoices are being sent & received by e-mail nowadays and this practice will only increase in the future. However, these invoices are then very often printed out to be processed further. The paper supply in the office is dwindling, the printers are running at full power and manual handling takes time.
To avoid these extra actions, it is possible to filter and read the received e-invoices automatically from the mail program. The document can then be processed in a digitized workflow without any effort.
It takes an average of 30 seconds to enter an invoice manually. Digital processing reduces this time to an average of 2 seconds per invoice. And that is only the start of an often unclear process because invoices also need to be approved. In companies where several approvers are involved with an invoice, it is sometimes unclear where the invoice is located and who is responsible at what time.
By setting up an automatic workflow, you will gain real-time insight into the status of each invoice and where any bottlenecks need to be addressed. In addition, approval can take place from any place and at any time, from tablet, smartphone or laptop. Moreover, the applicable procedures must be respected automatically within the system.
As a company, you regularly receive similar invoices (each supplier has its own format and each invoice has a number of mandatory entries). Some of these invoices contain many rules that need to be checked and entered. When entering invoices manually, some 3.7% is entered incorrectly. Digital processing reduces this percentage to an average of 0.6%. The time that has to be spent afterwards searching for and correcting small errors, which sometimes have major consequences, can therefore be avoided.
By automating the input process, in which rules are automatically recognized and checked, you reduce the chance of errors and employees can concentrate on their core tasks. Smart recognition software also trains itself so that similar invoices are better and faster recognized (and thus processed).
Receiving, opening, sorting, checking, following-up, processing and approving an incoming supplier invoice takes a lot of time. Every day, week, month and year this adds up to many hours that cost a lot of money. The areas in which profits can be made can vary from one company to another and from one sector to another. As a specialist in this field, RecoMatics listens and analyses together with you where the issues are in order to propose the best possible solution for your company.