INVOICE AUTOMATION ADVANCES BUSINESSES
It has become obvious that invoice automation is the way to go, with companies jumping on board to use document management software. Advantages of e-invoicing Most recently, Ocean Freight Industry announced that they would begin using electronic invoicing for efficiency and better billing documentation and processes. "Our industry is experiencing increased demand from billers and payers for electronic invoices, with both sides recognizing the efficiency, cost savings and customer collaboration improvements to be gained," said Sven Noffke, Senior Manager, Finance & Accounting, Hamburg S端d and a member of the SAB's Supervisory Board. "Recommended electronic invoicing standards that meet growing market demands enable key improvements, including instant delivery of information, automatic routing to the right parties, and more lead time to speed invoices." Protecting documents Electronic invoicing has been recently noted as a great tool to improve office accounts payable and receivable with implementation of paperless document management. Techday mentioned the struggle of searching through a pile of papers to find a specific invoice is a pain, and pointed out how invoice automation can lead to less storage space, which saves money. Not only does invoice automation save money, but it lowers risk. According to Techday, document management systems make businesses efficient, provide employees
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with quicker access to data, reduce physical storage and help businesses avoid what they call the "Canterbury Factor." Techday explained that environmental damage such as earthquakes, fires and floods, can ruin hard documents, and referenced the Canterbury earthquakes as a warning to those using paper documents. Using electronic document management can ensure that documents are safe in the cloud and can be easily accessed after disasters. Invoice automation saves multiple delays that come with paper invoices. Ferret mentioned that invoices come with mailing and sorting, as well as the chance of late payments because of slow mail routes. Without these barriers, invoice automation allows for documents to be sent and received instantly with paperless document management. E-invoicing today Ferret reported that there are 500 billion invoices within businesses worldwide. Out of these 500 billion, 8 percent are electronic. However, the use of electronic invoices are predicted to rise to 20 percent in the next few years. The cost of invoice automation can range from 60 to 80 percent less than paper document invoicing, the source noted. With the cost and risk of paper documents obvious when contrasted with electronic document management, Ferret encourages businesses to adapt to invoice automation. Invoice automation, in addition, reduces mistakes in billing and saves companies time in fixing issues that they can avoid altogether with invoice automation. Invoice automation is being driven by the government and big businesses since it has been proven to be a money saver. Invoice automation is no longer only available to just big businesses, but can now be utilized by small businesses, which are the ones that really need to save money. Document management software is available through multiple vendors, and businesses can research to further see how e-invoicing can be a top money saver in their operations. _________________________________ Ready to kick your paper habit? Register for an upcoming webcast! Learn More about PaperSave: Case Studies | Demo | News and Events | WhitePapers | Webinars | Videos | Contact Us Tags: electronic workflow, Industry News, paperless office, document management software
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