MAXiSoft Invoices
MAXiSoft Invoice Processing Automation, enables businesses to significantly lower the processing cost per invoice and improve efficiency. By leveraging MAXiSoft’s advanced solutions, you can effectively automate accounts payable process while still retaining control.
MAXISoft innovative software enable companies streamline the way they work with documents. Effective solutions for image recognition, document creation, conversion and management. MAXiSoft Invoices let companies dramatically lower the costs associated with manual data entry.
What is automated invoice processing?
Automated invoice processing involves the implementation of specialised software that can automatically perform many of the tasks associated with the process. Typically, these solutions perform scanning (for paper invoices), data extraction and validation, and transfer of the processed invoice data into the accounting system.
Switching to automated invoice processing
Invoice processing comprises a series of steps associated with the management and handling of invoices. This process typically starts with the arrival of the invoices in the business organisation, then they are transferred to the accounts payable department, classified into predefined categories, matched against purchase orders, if necessary, followed by validation, approval, and entry of the invoice data into the organisation’s accounting system.
Manual invoice processing
The invoice processing steps can vary across different companies – depending on the size of the organisation, the type of invoices, whether the invoices are electronic or physical, etc. In some cases, the invoice handling process exceeds fifteen different steps before the invoice can be considered completely processed, which can be inefficient and very time and resource consuming. Usually the larger the company, the more complicated the invoice processing, and certain types of organisations also typically deal with many more invoices than others.
Manually intensive accounts payable procedures significantly impact a company’s bottom line, with companies spending huge mounts each year processing invoices, performing purchase order matches, addressing defects and responding to vendor inquiries.
Benefits of Invoice Processing Automation
Implementing a software solution to automate your invoice processing has many advantages. Some of the most obvious ones are reduction of costs associated with manual data entry and faster processing times. However, there are also other benefits to consider, such as minimised error rates and more efficient usage of the company’s resources.
Cost Savings
The costs of processing invoices manually can be very high. It is estimated that processing a paper invoice can cost anywhere between $8 and $60. Why the high variance? The truth is that apart from the obvious drawbacks, such as labor and storage costs, “hidden” costs that many people do not usually take into account include manual routing, classification, multiple handling of the same invoice, as well as losses and misfiling. Locating lost and misplaced documents can reach as much as $200 per invoice
Time Saving
Manual processing of invoices is time consuming. Software solutions for automated invoice processing can eliminate many tasks, such as routing, classification, validation, and manual data entry – thus greatly reducing processing time. With a simple data check to ensure maximum accuracy, the automation software can send your invoices directly from the scanner to the accounting system.
Error Reduction
Manual data entry is often associated with errors. It is clear that accuracy depends entirely on the individuals that perform the operation. With automation software, error rates are minimised, preventing all types of error-resulting issues, such as delayed approvals, time spent on searching for and correcting mistakes, as well as loss of discounts.
Staff Satisfaction
Employees responsible for data entry or validation can be liberated from these tedious tasks. You can make a more efficient use of your staff and let them concentrate on more important projects. This will also help them stay more motivated and be more productive. Software solutions for invoice automation typically require very little human interference.