Businesses that want to thrive beyond minimal survival need to be flexible and adapt to technological changes. Businesses are becoming ambitious to incorporate automation into various business processes. Automation in Invoice Processing is one of the main drivers of technological adaptability for a business.
What is Automation in Invoice Processing?
Invoice processing automation is software that helps businesses streamline their accounts payable processes by paying the invoices automatically to the suppliers. Processing invoices by automation is done through extracting invoice data and inputting it into the business’s EPR, which in turn allows payments within minutes.
The various processes automated under invoice processing are matching prices, matching the purchase orders, doing data entry, making payments digitally, streamlining workflows, etc.
Why Businesses are Automating Invoice Processing
The accounts payable is responsible for processing invoices. The traditional manual way of processing invoices involves manually entering invoice data, writing out paper invoices, matching purchase orders manually, and filing innumerable invoices. The business receives invoices through the mail, fax, email, etc. When done manually, this process perpetuates inefficiency in the system.
Automated invoice processing streamlines the time-consuming processes with artificial intelligence and machine learning to speed up invoice processing. All menial invoice-related tasks, such as matching prices and purchases, orders, data entry, etc., are done through automation to accelerate the workflow.
How Businesses are Automating Their Invoice Work?
Traditionally, the invoice management process starts when the supplier sends an invoice to the business. Upon receiving the invoice, the business matches and approves the invoice. If the invoice payout is large, there are further approvals required. After this, the invoice is entered into the system and posted for payment. After the invoice is posted for payment, the business issues it to the supplier. Manual invoice processing involves multiple steps that require days and can be inflicted with errors.
To overcome this, businesses are automating invoice processing. When a business automates its invoice management, invoices are scanned and fed into the accounts payable system digitally. It takes away the need for manual data entry and saves hours. The invoice data gets automatically mapped in the invoice management system, and the invoice data gets converted into searchable documents.
How ARDEM Can Help Businesses Automate Invoice Processing?
ARDEM offers complete solution packages to businesses for accurate invoice processing and timely vendor bill payments by creating a customised account payable team for a business. ARDEM easily adapts to existing accounts payable systems of a business and uses its cloud platforms to integrate with the business’s systems and push files. ARDEM handles the receipt, approvals, and payments of invoices for a business, letting the core teams of the business focus on other business activities.
ARDEM sets up processes for a business that handles all the invoices for a business with an assurity of accuracy, quality, and on-time processing. The business’s suppliers get paid faster through electronic payments. As the business grows, ARDEM scales up its teams and operations to match the business’s scale of operations. ARDEM develops customised automation processes for each client to offer high-quality, low-cost invoice processing services.
ARDEM provides Business Process Outsourcing and Business Process Automation Services to established companies to help them improve operational Efficiency and Reduce Costs. For more information please reach out to us at pricing@ardem.com or call us at 908-359-2600.
