There are likely some unique aspects to the invoices generated by your business. Even so, what most people working on the invoicing side of a company quickly discover is that manual invoicing processes necessitate a lot of repetition.
Aspects like the invoice number and date are entered over and over, with the possibility for errors every single time. This data entry draws employees away from the expertise-driven work that they would otherwise be working on. It also entails that the end of the month or quarter is always a time crunch.
It doesn't have to be this way! Automating aspects of your invoicing process saves time by creating strong records that allow you to avoid manually entering data over and over.
Whether your business sends out dozens or hundreds of invoices a month, you will benefit from invoice automation software.
When asking "Does automated invoice processing save time?" you will discover that it absolutely does. In fact, it can sometimes result in greater accuracy even with the reduced time commitment.
Here are just some of the ways that invoicing automatically with a quick human review, rather than an entirely manual process, can save you time and money.
There are a variety of ways that using an automated invoice processing system will save you time and effort for accounts payable. Automated invoicing gives you an edge while also helping you to use your team to the fullest.
For the sections of the invoice that are automatically pulled from your records or are updated automatically, such as the date of the invoice, you'll find that your records will become more consistent.
Automation cuts down on typos if you correct a typo in one place, the program will take care of the rest — you won't have to correct all of its other instances.
Updating through software integrations cuts down on transcription-based errors in data entry, and provides your team with more time to do the thoughtful work that needs their attention.
Smart templates allow you to offer excellent invoicing consistency. They also provide room for changes if, for instance, a new project with an old client needs to be billed slightly differently.
Rather than having a person find information, input it, and then verify it, your automated invoicing can complete the first two steps, leaving only a quick human check for your team to complete before sending an invoice out the door.
No more misplaced or lost invoices, since resending an invoice is both possible and easy to do when every invoice is connected in the same system.
While many teams keep excellent records of invoices, having them as paper copies or in a hybrid system entails that individuals must spend time locating the correct document before they can verify or resend an invoice. A central system that stores all invoices after they are sent sharply reduces this time.
Even great accounting professionals fall behind at work. It's much easier to stay on top of a quick-turnaround batch of invoices if you have an automated component to generate most of them.
This frees up time for your human employees, with the added benefit of always delivering invoices when you say you will, thereby ensuring more consistent and predictable payments from your customers.
There is undoubtedly a time investment on your part that is necessary to set up automation in invoicing. Preparing for this commitment before you start the process can help your team avoid any surprises. Once the automated structures are put in place, you will save plenty of time as compared to a manual invoicing system.
If, for instance, your company needs to send 100 invoices per month at various specified delivery dates and with different formats, the first month with invoicing software will require numerous inputs.
This upfront work includes connecting the software to the templates that you want to use for invoices, and potentially making integrations and connections to the data from your staff's billable hours or project rates to ensure that the invoices are correct.
However, once you have structured the automation for the first month, your time investment each month thereafter will be reduced to simple spot checks and verifications.
You'll then only have to make small adjustments for exceptions to your standard invoicing workflows. Your human team will be able to focus on the work that they do best, with fewer of the data-entry and record-finding tasks that are relatively simple to automate.
Invoicing automation is just one time-saving element of a larger profitability and productivity system like Accelo.
With the integration of features that save time, provide up-to-the-minute information about your services and projects, and boost utilization, you'll be able to keep your valuable team members working hard while offering them the information that they need to make the most of their minutes.
To try a free trial of Accelo, sign up today and learn how this system can be part of an overall boost to your productivity and profitability.