May 29, 2023
Invoice processing is traditionally one of the most time-consuming tasks for accounts payable and finance teams in companies of all sizes. The process might sound very simplistic, but it can get quite complicated due to the involvement of different bodies.
Processing paper and electronic invoices by hand requires the involvement of multiple stakeholders, including the supplier’s point of contact, budget managers, and financial controllers.
The accounts payable department is vital to the success of a business since they are responsible for expenses other than payroll and supplier relationships. But if they are relying on manual invoice processing for tracking and paying invoices, chances are they are wrestling with one or several challenges.
A study by Unit4 found that workers spend around 69 days performing administrative tasks, including taking care of invoices. This costs companies more than $5 trillion a year. Manually inputting, coding, and verifying invoices is an extremely labor-intensive process. A typical Accounts Payable department consists of high-transaction volumes, multiple touchpoints, and complex approval processes, and work needs to get done quickly.
Whether due to distraction, misunderstanding, or an honest mistake, human error in invoicing can lead to expensive consequences. Some of the biggest problems plaguing AP processes that haven’t yet been automated are data entry errors and the potential for missing or incorrect data. It’s time-consuming and mistake-prone to manually enter data from invoices into the computer, and while unintentional, even a simple mix-up when transferring numbers can result in an expensive error for your business.
Sancode technologies can help corporations automate their invoicing generation and the workflows involved therein.
Sancode technologies can enable organizations to receive invoices, manage approvals, and process payments automatically via a single platform.
Invoices can be received electronically or converted from paper to electronic by scanning and processed using Artificial Intelligence or OCR to extract data, and Robotic Process Automation (RPA) to validate business-specific rules and automatically send invoices within the financial system with an automated workflow for approvals.
By eliminating many of the manual stages of invoice processing, automation can significantly reduce the number of human touches per invoice and as a result minimize the amount of time staff spend on this aspect of their role.