Businesses process 550 billion invoices each year, and this can quadruple by 2035, research says. So transforming to automated invoice processing is no longer an option but necessary because it will reduce payment errors and lower your operational costs by at least 50%.
For some B2B companies, invoice processing will be a threat because of the large volume of invoices, increase in manual errors, and high operational costs.
As an outsourcing partner, iTech lays out the benefits of automated invoice processing and the reasons why you need to choose automation instead of manual to extract data from your invoices.
Let’s dive into the benefits of automated invoice processing below.
- Reduces processing time
- Time Savings Equal Savings on the Bottom Line
- Reducing Invoice Processing Errors
- Increase Employee Productivity
- You Can Defer Hiring
- Collecting Data and Getting Better Insights
- Increase Your Control and Transparency
- Machine Learning Services Help You Grow
- 0.1 1. Reduces processing time
- 0.2 2. Time Savings Equal Savings on the Bottom Line
- 0.3 3. Reduce Invoice Processing Errors
- 0.4 4. Increase Employee Productivity
- 0.5 5. You Can Defer Hiring
- 0.6 6. Collecting Data and Getting Better Insights
- 0.7 7. Increase Your Control and Transparency
- 0.8 8. Machine Learning Services Help You Grow
- 0.9 Reap the Benefits of automating invoice process Now
- 1 Reach out to our team today!
1. Reduces processing time
Invoice processing manually can take around 20 to 21 days. Automation guarantees invoices processing at a faster rate. You’ll also be able to reduce the amount of time your team spends working on invoices on a given day.
Using an automated invoice processing software, you can cut that time down to 3 or 4 days. Time to completion decreases even further when employing machine learning services. The time-saving power of automation is evident.
2. Time Savings Equal Savings on the Bottom Line
Time isn’t the only thing you’ll save when you switch to automatic invoice processing. As the old saying goes, time is money. If you’re saving time, you’ll also be saving money.
The reduction in the time your team spends on invoicing reduces labor costs. You can also save interest and late fees with automated accounts payable processing and all every single bill payment on time.
Finally, you can also save on the costs associated with printing invoices. Switching to an automatic invoice processing can help you go paperless.
3. Reduce Invoice Processing Errors
As you know, human beings are prone to making mistakes. Invoicing processing errors are due to manual processes such as data entry services are relatively common.
This can create a whole host of headaches for your business. It could mean you pay the wrong amount or on the wrong date. Invoicing errors could also mean late payment or even lost invoices.
With machine learning services as part of your invoice process, you can improve accuracy. This leads to less time spent correcting invoicing errors, and it can even reduce the number of checks you need to reissue.
4. Increase Employee Productivity
You can increase your employees’ productivity by adopting machine learning services automation for invoicing. This also means they’ll spend less time per invoice. Your AP team will be able to process invoices faster and more accurately than if you were to rely on data entry services alone.
Once they complete the invoices, they can move on to the next task. Better employee productivity contributes to lower overheads and higher revenue. In short, automating invoice processing is a boost for your bottom line.
5. You Can Defer Hiring
As noted above, Invoicing Processing Automation with machine learning can help your staff do more in a shorter amount of time. It has another upside to it. You can defer hiring more hands for the team long.
Expanding your team is an expensive endeavor. First, you’ll need to calculate all the costs of bringing on new help. Next, you’ll need to spend time seeking the right fit for your company.
Invoice processing automation can take the pressure off hiring. You don’t need to worry about adding personnel to the accounts payable team as soon as possible. Your employees can handle increasing volume much more seamlessly.
6. Collecting Data and Getting Better Insights
Big data has been much-talked-about in business circles for years now. Machine learning outsourcing makes it easier to harness the power of big data to power your AP.
Do you want to know who always pays on time, or which customers are often paying late? The information collected by the machine learning services can reveal new insights.
With them, you can begin to make more informed business decisions. You may be able to determine you buy from one vendor often. It might make sense to negotiate a discount.
You could also try to group payments or invoices to save on costs. You may also make revisions to your process to make paying your vendors faster and easier.
7. Increase Your Control and Transparency
With Invoicing Processing Automation software, tracking invoices is a breeze.
It gives you control over the invoicing process, and you can make decisions about payment reminder notices or follow-ups in your system.
With automation, you can also show you how productive your team is in real-time.
8. Machine Learning Services Help You Grow
It should be clear by now that machine learning outsourcing can help your business achieve some of your goals. It can also help you as you continue to grow. It can help take some of the “pains” out of the growing pains many organizations experience.
Invoice processing Automation can help you deal with an expanding number of invoices. As your business grows, you’ll need to process more invoices to pay your vendors and suppliers. Automation can help you reduce the need to expand your team.
It can also reduce your costs, which frees up your capital to invest in other parts of your business. The right investments can fuel growth.
Finally, automated processes mean you can hire with more control. You’ll be able to expand your team slowly and make better hiring decisions.
Reap the Benefits of automating invoice process Now
Now you can see what automated invoicing can do for your business. Adopting automated invoice processing software is a smart move from boosting your revenue to paving the way for growth.
Why wait any longer? Start reaping the benefits of Invoice Processing Automation now.
Talk to us about automating your invoicing today. No matter what challenges you face, we can help you discover the right solution for your business.