Thinking about how you pay your invoices?
Paying invoices can be complicated and some companies spend astonishing amounts doing so, often without having a clear overview of who, or what, is being paid. The consequences of delays in payment of invoices and lack of control don’t require an explanation, and a software system that can reduce cost of payment, speed up execution and provide good governance is going to make a significant contribution to a company’s success.
An invoice processing system acts as an overseer for every task that needs to be performed to pay invoices with due diligence. It does the following: -
- Never forgets a task or loses documents
- Prevents documents lying unactioned in someone’s in-tray
- Ensures compliance with policy and regulations
- Prevents duplicate payments and fraud
- Guides everyone along leaner, cheaper processes, which are standardised across the organisation, in turn reducing staff training costs
- Generates metrics, which can be used for both business development and cost reductions elsewhere within an organisation
How do you control the receipt of your documents?
Invoice documents can arrive at your organisation in many different forms and at many entry points, a widespread situation is suppliers sending the same invoice to different offices to ensure they get paid or sending the same invoice both electronically and in paper form. Conversely, invoice payment may be delayed because the supplier has sent the invoice to the wrong office.
Feeding your workflows reliably requires coordinated capture, management and digitisation of incoming documents using specialised document capture software, which will record their receipt, ensure they are safely stored and accounted for.
For paper invoices, document capture software provides scanning capabilities to generate digital image files, allowing them to be captured & routed anywhere in the world without transport costs and delays. When a process has finished, archived digital documents are cheaper to store and altogether more accessible than a stack of boxes in a basement or warehouse. Receipt dates/times are recorded electronically reducing receipt processing costs – and no stamps on the invoice that obscure essential information.
For invoices received as digital files document capture software provides an audited, managed infrastructure and a single conduit for the import of digitised invoices from multiple sources into an organisation, transforming them into a standard image format suitable for Optical Character Recognition (OCR) and storing them securely in a content store.