A recent study revealed that around 50% of companies receive invoices by paper and 36% by email, relying more on manual work – not to mention the time spent in correcting mistakes that can slip through when invoices are processed manually. The challenges you have experienced by manual invoice processing adds extreme pressures on your accounts payable department. Automated invoice solution can help solve your toughest challenges, including GST.
Lengthy Processing Times
Eliminating piles of paper is what makes your accounts payable process easy. Making process electronic will not only alleviate the burden but can help submit invoices on time for a tax refund. When you rely on an automated solution, the average cost of an organization will be reduced by 1/5th.
Invoice Processing Costs
Cut down invoice processing costs by switching from manual process to an automated solution. Leverage automated invoice solution to improve the process of the purchase order and invoice processing. This would in turn help build better cash flow and optimizes invoice processing costs.
Lack of visibility
Eliminating few things like lost invoices, duplicate payments and lack of visibility into taxes can help know better about tax components and payment data. Automated invoice solution allows you to search for invoices by criteria, build custom queries to access data and get a quick look into reclaimable tax components. An online invoice software solution gives you a complete picture of all liabilities including approved purchases.
Capture Early Payment Discounts
Leverage early payment discounts and make sure vendor/supplier validates your invoices for quick GST refund. Getting a clear picture of all liabilities allows businesses to become more effective with their cash and forecast their future needs.
Delay in Supplier Payments
Managing cash flow with manual invoice processing is daunting and inefficient for most businesses, draining organization’s time, money and resources. AP automation can help you gain complete visibility into spend and you can easily know what has already been spent, so you can make informed decisions and better manage supplier payments each time.