Improve data accuracy and reduce data entry to Automated Invoice Processing Software
February 24, 2023

In the realm of manual data processing, back in the year 2019, there were 55 billion invoices exchanged electronically, and the rest were paper-based at some level and required manual processing. This is just an overview of the issues involved with manual data processing. Automated invoice processing software has since emerged as a solution to streamline and optimize this cumbersome process.

 

There are companies out there that are dependent on spreadsheets along with ERP systems. Among them, business software requires tedious labor to process data. Among them, 25% of the sales team says data entry is CRM’s biggest challenge. And 84% of small enterprises are reliant on manual data entry.

Moving ahead in 2020, 31% of businesses adopted automation, and 64% invested in big data and AI to improve productivity. Fast forward to today’s time, In today’s business world, everyone’s talking about automation, like using automated invoice processing software. It’s all about making things better, faster, and accurate. But guess what? Many businesses are still getting paper invoices, not digital ones.

Moreover, handling these manual tasks can be costly and time-consuming. It also increases the risk factor for doing business, and they may experience higher error rates, reduced productivity, and submission delays. Ultimately, it affects the business negatively. Let’s dive into the blog and understand how to improve data accuracy and reduce manual data entry using automated invoicing.

What is Automated Invoice Processing Software?

Automated Invoice processing software is a process in which an organization uses software tools and technologies to automate the invoice processing workflow. Additionally, they use OCR (Optical Character Recognition) technology to extract data from invoices and then process it automatically, eliminating manual intervention.

At Endive IMS, we help organizations to save time while reducing the risk of human errors. We have an excellent team that helps to streamline the accounting process, improve accuracy, and reduce the cost associated with paper-based invoicing systems.

What to look into an automated invoice processing software?

Choosing an automated invoice processing software like Endive IMS can be a great way to streamline the process. Here, we have listed a few features when selecting automated invoice processing software.

  • Does it offer an accurate data extraction
  • Does it have a customized workflow
  • Does it offer invoice tracking and monitoring
  • Does it offer integration with accounting software
  • Does it come with automated payments
  • Does it have security and compliance

What benefits does Endive IMS add to automated invoice processing?

Time Savings

We have a tool that helps organizations reduce the time required to process invoices. Moreover, automated invoices can be processed much faster than manual methods. This ultimately frees up your employees time, and you can focus on other essential things.

Reduced Errors

We know that manual processing is prone to errors and would cost businesses a lot. With Endive IMS, an automated tool, we help generate invoices that significantly reduce the likelihood of mistakes. At the same time, this results in getting more accurate accounting and financial reporting.

Cost Savings

Choosing an automated system to generate invoices can reduce the cost of printing, mailing, and storing paper invoices. Additionally, the software we use will help in reducing the need for manual labor, saving more on businesses and labor costs.

Improved Visibility

The quick process can provide real-time visibility into the financial data. At the same time, it supports businesses in making more informed decisions about cash flow, spending, and overall financial health.

Improved Supplier Relationship

With a faster processing time, it helps businesses to pay their suppliers more quickly and accurately. Additionally, this strengthens the supplier’s relationship with improving the overall business performance.

Does Invoice automation help with a 3-way match?

Yes, a 3-way match is a process in accounts payable where the Invoice, purchase order, and receiving report are mainly compared with ensuring the services ordered were received and the invoice amount was correct. This process ensures accurate and timely payments while preventing overpayments, duplicate payments, and fraudulent activities.

Additionally, the 3-way match process helps reduce manual data entry and the risk of errors. In short, it streamlines the process by making it more accurate, efficient, and less prone to errors. You can also connect to the Endive IMS team to get professional help in managing invoices for your industry and get automated generated invoices with ease.

As automated invoices are becoming popular among businesses of all sizes, they need to look for ways to increase efficiency at a decreased cost. By investing in the right system, companies can benefit from improved accuracy, better data management, and faster payments. One can get better customer satisfaction by adding solutions to their organization.

Thus, automated invoice processing software is an invaluable solution for businesses looking for a high volume of invoices quickly and accurately. Eliminate manual data entry with automated invoice processing software and increase organizational efficiency by keeping your business organized.

Adopt automation in your invoice generation with Endive IMS

With Endive IMS, we have a professional team that meets decisions and analytics. While going paperless or saying goodbye to manual entries seems like an effort, it can be easy, painless, and vital with Endive IMS. If you feel your organization could benefit from using an accurate invoice management system, get connected and discover new and better ways of working with Endive IMS. 

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