From a compromised corporate card to a streamlined, secure, and efficient payment system - here’s ProSpend's own Virtual Cards journey.
How to Transition to Invoice Automation for Improved Efficiency
Learn how to streamline your accounts payable with ProSpend's guide to transitioning to invoice automation. Boost efficiency, save time, and reduce errors.
In today’s fast-paced, digitally-driven world, efficiency is the name of the game. Businesses everywhere are striving to streamline operations and improve productivity. One area where significant gains can be made is invoice processing.
Traditionally, this has been a manual, labour-intensive task fraught with potential for errors and inefficiencies. But what if there was a better way? Enter invoice automation – a modern approach that’s changing how businesses handle their invoices. In this guide, we’ll explore how you can transition from a manual to an automated invoice processing system, improving accuracy and freeing up valuable time for your business to focus on what really matters.
Understanding Manual Invoice Processing
Firstly, let’s tackle manual invoice processing. It is the old-school, traditional method where companies receive invoices from their suppliers and manually check, approve, and process them for payment. Sounds like a time-consuming task? That’s because it is!
This method may work for small businesses with a low volume of invoices. But for larger companies handling hundreds or thousands of invoices, manual processing can be a productivity nightmare. Productivity loss aside, manual invoice processing comes with the potential for errors, misplaced invoices, and late payments, which can strain supplier relationships and impact overall business functioning.
Embracing Invoice Automation
So, what’s the alternative? Automation, which has become a bit of a buzzword in the corporate world over the past decade, is all about using technology to perform tasks more efficiently and accurately. The goal here? Saving time, reducing errors, and improving overall operational efficiency.
With invoice automation, businesses can streamline their invoice processing by automatically capturing invoice data, validating it against purchase orders, and routing it for approval. It’s like having a super-efficient, error-free staff member who works round-the-clock (without even needing a coffee break!)
Now, you may be thinking, “That sounds great, but transitioning to an automated system seems like a huge task.” It’s understandable to feel a bit overwhelmed, but let’s break down the transition into manageable steps.
Transition to Invoice Automation: A Step-by-Step Guide
1. Assess Your Current System
First and foremost, you need to understand your current invoice processing system. This will involve identifying bottlenecks, error-prone stages, resources involved and inefficiencies in your manual process.
2. Choose the Right Invoice Automation Solution
There are numerous invoice automation solutions on the market, all offering different features, but not all are created equal. Your task is to choose the one that best fits your business needs. Ideally, you should look for a solution that offers the most productivity benefits by leveraging artificial intelligence to learn from and maximise the efficiency of your accounts payable.
3. Train Your Team
Implementing new technology is only half the battle; your team must also be trained to use it. Adequate training will ensure your staff can make the most out of the new system and further enhance efficiency.
4. Gradual Implementation
Instead of switching to automation all at once, consider implementing the new system gradually. This can minimise disruptions and allow for adjustments along the way.
5. Monitor and Adjust
After implementing invoice automation, continue to monitor the system’s performance. Look for ways to improve and adjust as necessary.
Reaping the Benefits of Invoice Automation
Transitioning from manual to automated invoice processing may seem like a big leap, but it’s a leap worth taking. Remember, every journey begins with a single step. And in this case, that step could lead your business towards improved efficiency, reduced costs, and enhanced supplier relationships.
So, why not embrace automated invoice processing today? Automation is no longer a luxury but a necessity in today’s competitive business landscape. With the right approach and tools, you can make the transition smoothly and reap the rewards that automation brings.
ProSpend, a complete business spend management platform, comes equipped with an advanced invoice automation module backed by artificial intelligence. Powered by machine learning, our unique Human-In-The-Loop (HITL) model guarantees data accuracy during the scanning process, continuously learning from documents your team has manually adjusted and getting smarter every time it’s used.
Book a demo to try it out with your team or learn more about the other features of our all-in-one business spend management solution.