Invoice generation is an unavoidable task for every transaction done in any business.
An invoice, also known as a sales invoice, is a bill or a document sent by the provider of a product or service to the purchaser. This document specifies the quantities and costs of the goods or services that have been provided by the seller.
The terms and conditions for payments are usually outlined in the invoice such as the due date for payment, the discount that is offered if payment is made before the due date, and how the customer can pay.
To begin, the invoice is created by a resource process for examination.
It is then sent for approval to the engagement manager for examination. The engagement manager can either approve or reject the invoice.
If the invoice is rejected, it is sent back to the resource for editing.
Once the invoice is approved, it is then sent out to the company (purchaser). And when the invoice is paid, it can then be archived.
Most of the companies around the world spend at least $6.05 in printing a single invoice. And this will amount to $605,000 for a huge company that needs to process a minimum of 100,000 invoices per year.
But fortunately, the company can save up to $400,000 each year through automated invoice generation.
Manual invoice processing can cost a lot of money. Processing a paper invoice is estimated to cost around $8 to $60.
Additionally, there are some other drawbacks and hidden costs associated with manual invoice generation such as manual routing, classification, labor costs, including losses and misfiling.
Finding a lost or misplaced document can cost a company as much as $122 on average.
Automation resolves all of these problems, thus minimizing costs. Switching to automated invoice generation can minimize these costs by up to 20 times.
Spending less time on a task increases a company’s productivity and ROI. Through an automated invoice generation, you can achieve these.
An electronic invoice allows managers and members of other departments to seamlessly follow the invoice digitally through the computer system.
The manager can instantly add comments, reviews, and approve the invoice. The need to send invoices via emails or wait for approval becomes a thing of the past.
Manual invoice processing is error-prone because accuracy largely depends on the individuals that execute the task.
Invoice automation minimizes error rates and prevents all the possible causes of errors such as fatigue, delayed approval, boredom, and stress.
File cabinets are heavy, cumbersome, and expensive. They also take up useful space in an office.
Invoice automation helps you reduce the amount of paper that goes through the office, thus helping you to cut costs by saving on storage facilities.
When you store your files digitally, they remain safe and undefaced as they go through the invoice generation process.
Automated invoice processing liberates employees from the tedious task of data entry. This will free up more time for these employees to focus on other important projects, thus improving productivity and focus.
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