More organizations and agencies are adopting paperless solutions for billing and accounts payable (AP) invoices for improved business process automation.
Shared Services Link reported that financial departments have implemented electronic AP functions to avoid inefficiencies that can lead to errors. Relying on humans to manually scan and enter data not only wastes a lot of work time, but also provides room for error that can lead to late payment fees as well as prevent early payment incentives. Electronic invoice (e-invoices) are quicker to create, update, submit and receive, which means they can also be processed at a higher volume. According to Shared Services Link, e-invoices are also attached to a detailed audit trail which allows a clerk to address inquiries more adequately during the payment process. Since invoices are submitted faster, suppliers can capitalize on discounts for early payment.
A recent survey conducted by Basware revealed that one in three senior managers of small and medium sized businesses feel unprepared to take on the responsibility of controlling budgets, payments and the overall financial strategy of the company.
An electronic document management system that incorporates billing automation systems can relieve professionals of these requirements by simplifying file management.
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