Invoice management solutions had been originally seen because the preserve in the giant mega-sized corporations, the big multinationals and worldwide conglomerates stretching around the world and criss-crossing the country with branches and offices. Get more information and facts about invoice management system
Having said that - and when these bigger organisations are continuing to streamline their Accounts Payable (AP) processing with automated solutions - lots of other businesses are recognising the positive aspects of implementing an automated invoice management solution.
They are established, flourishing businesses, commonly with turnovers of £30m to £500m, generally independent, occasionally family-owned, and operating across a number of locations or may very well be based at one. From across the board industry-wise, these organisations represent many different markets, from retail and finance, to hospitality, manufacturing concerns, delivery and logistic companies, educational establishments, health and service providers.
The unifying issue is the fact that these increasing organisations want effective AP processing.
The Accounts Payable department remains one on the most paper-rich and process intensive in any organisation.
Implementing an invoice management solution implies those paper-based invoices could be converted to electronic type, eliminating the difficulties associated with processing paper - danger of loss, cumbersome storage specifications, access and security issues, plus the connected fees.
An invoice management solution also enables effective processing of your expanding number of e-invoices sent and received - presently a lot of companies have to print these to continue processing.
Utilising an invoice management solution also implies that all invoices could be processed regularly, within the identical system and irrespective of original format.
Invoices are automatically matched to orders and receipts, queries resolved, invoices coded accurately and authorisation completed according to business guidelines anyplace inside the business by means of the internet.
Automated workflow brings additional key benefits - enhanced visibility and control, alerts set to ensure deadlines are met, the automatic processing of repetitive tasks to free AP staff for far more strategic work, plus the related reduction in processing charges.
And 'enhanced visibility and control' are usually not just buzz-words. One in the major business difficulties facing an organisation is the fact that of late payment - and evidence points in most cases to this resulting not from a deliberate policy but as a result of poor practice and inefficient and slow manual invoice processing procedures on the part with the payer.
Inside a report final year Bacs, the not-for-profit organisation accountable for 'maintaining the integrity of payment related services' stated: 'Frustratingly, when chasing late payment, nearly one in 5 SMEs (18 per cent) had been simply told the client had either forgotten to pay or simply hadn't got around to settling the bill.'
With calls for the government to take much more stringent action to guard businesses against late payment and toughen the government's Prompt Payment initiative late payments are going to develop into an increasingly major headache for the late payers also as those organisations owed money.
Enhanced visibility and control also assists organisations do away with duplicate payments.
The market place for invoice management solutions is absolutely developing with companies also attracted by the potential to extend the benefits of document management in the AP department to other business regions, leveraging on their initial software investment.
