A lean operation finds efficiencies in every nook and cranny, including in its invoice system. Invoice software that makes your entire accounting department more efficient, giving them more time to focus on more strategic projects.

Best in class businesses who have the leanest invoicing processes spend $2 or less to invoice a customer. Businesses who are bottom performers spend $9 or more when invoicing a customer, making accounting a cost center instead of a profit center.

HSO’s Electronic Invoice Processing module augments the tracking and invoicing power of Microsoft Dynamics 365. These additional functions and benefits helps you get more out of Dynamic 365’s ERP features to put your business among the best in class. And generate significant savings along the way.

This blog walks through the benefits of a better, smarter invoice software and how it saves your accounting and finance departments overhead costs.

Eliminate Labor-Intensive Manual Entry

Imagine the cost savings when your accounting team doesn’t have to sit at a computer for hours entering data from invoices.

Instead of entering all data by hand, the Electronic Invoice Processing module digitally scans invoices. The invoice system then reads it for you and automatically logs in the information into the database.

You might as well be snail mailing paper invoices if you’re sending and receiving PDF invoices via email. You still have to open the email and the file, print it and processes it. When you receive an invoice via email with our Electronic Invoice Processing module, a mail application automatically processes those invoices. Emails with attached PDF invoices are automatically forwarded to a permanent directory then electronically ‘read’ and data is entered into the invoice system.

Digital Archiving

Save time, money and space by digitally archiving your invoices and related financial documents.

Certain laws and regulations require your organization to archive invoices for a certain period of time. Our Electronic Invoice Processing module records and archives required information so that you can dispose of the physical copies of old invoices.

Digitizing your archived invoices automatically provides a comprehensive audit trail, including which employee dealt with an invoice, at which step of the process and the time stamp of the employee interaction with the invoice. All archived invoices are searchable as well, making it easy to find the document that you need without rummaging through dozens of banker boxes of paper invoices.

Automatic Matching

Save on labor costs when cross-referencing invoices.

Electronic Invoice Processing has a completely automatic matching function. The system supports both the 2-way and 3-way matching principles. It can match the total amount of the invoice, based on the invoice header information with the balance of the remaining goods pertaining to the order numbers on the invoice that are yet to be invoiced. If these amounts correspond and are less or equal to the outstanding balance of purchase orders, the system will post the invoice automatically.

With Electronic Invoice Processing, one can link the invoice line to the correct line for goods received. The system verifies, per invoice line, whether or not the quantity and price are correct. A discrepancy list is generated automatically. By invoice, in the event of a mismatch, it automatically presents the invoice for completion to the responsible purchaser.

Improve Approval Processes and Workflows

Make it the approval processes easier and prevent approvals from falling between the cracks.

Configure workflows according to your company’s approval structure. A procuration flow diagram can be set up which will automatically route expense invoices to the responsible budget holder for approval.  Parameters for approvals are customized. Certain employees can give certain approvals. And other employees give other kinds of approvals.

Email notifications are pushed to employees if an invoice has been delayed at a specific step. Reminders help make sure that invoices are processed to completion.

Conclusion

A complete digital transformation of the heart of your operations can realize business savings. Or it can create great savings even from a smaller scale digitization of a more contained process. Easier to adopt solutions, such as adding a specially developed software module to a robust platform to Microsoft Dynamics 365 makes HSO different from other partners.

For more information on how HSO’s IP can specifically help your business in your industry, save your spot now for our on-demand webinar, Conquer Common Business Challenges with HSO Innovation.

Watch Now

 

Source: http://ww2.cfo.com/applications/2018/06/real-cost-of-invoicing-metric