Why Does Your Enterprise Need to Automate Invoice Processing?

Why Does Your Enterprise Need to Automate Invoice Processing?

Automated invoicing is the process of Invoicing for sales or services, with a pre-defined format by integrating it with software. It takesbasic information from the user through computer screens and automatically calculates and formulates the invoice contents. After the invoice is generated, you can print it, share it with other connected entities, etc. It minimizes manual errors, work processes, hence, increasing efficiency.

Why does your Enterprise Need AutomatedInvoice Processing?

An intelligent way of doing business is by reducing the manual process and automating it. Out of a few laborious processes in business, manual Invoicing is one of them.As a part of intelligent document processing, Automating Invoices play a vital role in making the business process easy.According to a study in the UK, Invoice Automation showed great advantages and reduced processing cost up to 90%, processing time by 65%, and labor costs upto 40%.

Small or Large Businesses will have to adhere information to Tax and all other necessary departments for necessary compliances and clearances timely. This creates a necessity of information accuracy for submitting the necessary to departments and thecompany’s internal reconciliation purposes. Invoice automation helps in mitigating the manual strain and reduces processing time.In order to understand it comprehensively, there are three important dimensions primarilythat illustrate the basic purpose of Invoicing:

  1. Sale particulars (Invoices) are to be reported to Government agencies with accuracy.
  2. This is the only record with complete information for inflow and outflow of materials in a company, and this data is vital for internal functional analysis.
  3. Inquiry of Information is super easy and can be monitored on Real-time.

Advantages of Invoice Automation

  • Drastic reduction of processing time
  • Zero possibility of manual calculation, entry errors, and hand scriptconfusions
  • Reduces processing costs
  • Accurate single source for fiscal purposes
  • Retrieval of data at any given time and reconciliation of stocks is super quick and handy
  • Submission of information to Tax departments becomes easy with features like Automated upload of Invoices, Bulk Invoices upload, etc.
  • Clear and completely understandable pre-defined and formatted style of invoice generation
  • Tax Compliance is in place and will be automatically calculated and notified whenever sales happen, without extra efforts for financial departments
  • Automatic Invoicing is a boon to eCommerce operations where a lot of Invoicing is involved due to online sales.
  • Generation of e-way bills becomes automatic along with Invoice generation, reducing the work for waybills generation separately
  • In the large network of businesses, where different internal entities are operated for Automated Invoicing, Interoperability can be established for hassle-free working, which reduces enormous operating problems
  • Intelligent indexing provides search with various keywords for particular information. History will be at fingertips
  • Complete control of key functionalities in the business, especially at inflow and outflow of materials
  • Conflicts between transacting parties get reduced
  • Easy approach electronically to customers with automated message generations and faster payment cycles
  • Complete control on Inventory levels and material replenishment activity becomes automatic by triggering vendors
  • Authenticated data to generateproof of sales for providing it as collateral to get ‘Invoice financing’
  • Duplication or fake invoicing problems are entirely reduced around all the connected entities
  • Can integrate with SAP, Oracle modules, or any other Custom ERP software
  • Contribution to Green Initiative though higher amounts of Paper usage reduction

What do we conclude?

Advancement of Business operations is mandatory. It should start with reducing manual efforts and errors to the extent possible. Almost all government agencies are operatingwith e-submission of information for Tax clearances. From October 2020, starting with larger businesses, Automated Invoicing/ e-Invoicing is made mandatory.

To get started, visit www.myndsolution.com/

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