For every very transaction done in any business, processing invoices is an inevitable task. Most of the companies across the globe spend a minimum of $6.05 in preparing and printing a single invoice. Automated invoice process management techniques are now being adopted by many companies, which are a definite boon irrespective of the size of the company and the number of resources employed. For example, let us consider a huge company which needs to process at least 100,000 invoices per year. If the company opts for the manual method, it needs to spend at least $605,000 to get it done. But through automated invoice process management, the company can save more than four hundred thousand dollars every year.
Functions and Usage
Modern automated systems with effective software feature many functions. Most of the machines have high clarity invoice scanning, automatic import of EDI invoices, automatic extraction of text, automatic comparison and validation of data corresponding to your ERP database, flawless compatibility with tax proposals and calculations, automatic web upload and web approval work type and finally a user friendly management interface with GUI and reporting capabilities.
Automated invoice process management can help your business grow at a rapid pace by providing high profile advantages. All invoice processing can be tracked and the transactions can be monitored. The invoice preparation process can be monitored at every step. Answering complex queries would become easy and less time consuming. The system can provide accuracy rates close to 100%, will reduce the overall cost of invoice preparation, and saves valuable time and paper. There are many leading companies available in every part of the world that provides automated invoice process management software and tools.