What Can Invoice Processing Do For Your Business?
Some interesting industry research has shown that companies still receive over 80% of invoices on paper and as much as 70% of all invoicing processing costs are associated with document handling and data entry processes. The data also shows that on average it takes 17 seconds to manually enter an invoice into an accounting system assuming only a few fields need to be keyed. Manual sorting and handling time are generally not included in this and still constitute the most time consuming and costly activity in accounting departments.
Clearly then, invoice processing is an important system that all businesses should look to put in place within the structure of their business, and the benefits are certainly tenfold. Notable benefits include:
- Reduce costs by giving staff more time for value added tasks and take advantage of early discount payments by processing invoices faster.
- Transfer data to ERP and accounting systems by directly interfacing and reducing manual keying and errors.
- See a real time view of your company’s current liabilities, allowing you to rely on accurate information.
- Instant on screen access to invoices allowing problems to be tracked and solved more rapidly.
- With better terms and improved customer status, relationships with suppliers can be improved.
Margolis use Iris Invoice Processing, a system allowing users to reduce costs and inefficiencies and improving cash flow management. The system works with invoices captured as digital images using a multi-functional printer or dedicated scanner. The Data is automatically extracted from the image and validated against other company systems and document workflows. Any errors or exceptions are highlighted for an operator to correct or validate. Authorised invoices are then exported into accounting, enterprise resource management and document management systems.
To see how Margolis can help you with your Invoice Processing System, get in contact today.