Why not automate the mundane tasks
In the last 10 years we have seen massive advances in technology. Mobile phones have gone from a device with the ability to speak to someone, to running our whole lives. We now have cars that can drive themselves (not legally) and the internet has changed the way we do business forever.
So, can someone tell me why, within organisations, accounts payable staff are still manually keying invoices into their ERP systems? Now don’t get me wrong, I am not finger pointing at all organisations however, there is still a massive number of organisations who are.
We have had mega technology changes where we can receive the invoices in and scan them into a piece of software that will then extract the data out. Optical Character Recognition (OCR) is still used today as, let’s be honest, we are not going to get rid of paper for a long time.
However, this begs the question - “Have we not just replaced one manual process for another?” Most ERP systems are more than capable of creating a PDF invoice and sending out to a customer. In fact, on average in the UK, between 70 and 80% of invoices are received as PDF. So why would the customer then take that electronic data, print it out to then either manually key it into a system or scan it back in?
Invoice Automation systems today are more than capable of extracting this PDF data electronically with 100% accuracy. By having that high level of accuracy, it allows the system to automate the processes that your business follows. 2- or 3-way matching against PO’s, maybe a recurring contract or perhaps pushing through an approval workflow. Its up to you and your business what happens when it hits the system.
Save the Accounts Payable staff from the mundane jobs and let them focus on tasks which help the businesses move forward.
Speak to FinQ today about how we can help you move forward with automating your process.