As a society, we’re the most tech-savvy and connected we’ve ever been. In fact, technology, automation, and artificial intelligence (AI) have come to permeate many facets of our home life, personal life, and, most significantly, in our livelihood – the businesses we run. Let’s focus on accounting in business, then, and how automation with AI has come to streamline processes, to instill the modern directive of higher efficiency, money and time saving, accuracy, and cash flow optimization to a business’s money hub.
But first things first – what, exactly, is invoice automation?
What is invoice automation?
Since the dawn of bartering and trading, to now, a business’s financial department – money in and money out – has increased in importance. Why? Because it’s not just about making a living anymore. It’s also about growth – growing a business to the point of self-sufficiency, so the money has to be closely scrutinized, to ensure market health.
But over that same time period, history has shown that to achieve the level of growth that keeps a business relevant to its market and generation, is its agility, and the willingness of its controlling stakeholders to embrace the next important feature of the era. And now, that feature is automation. But believe it or not, many businesses have yet to welcome automation and apply it to their fiscal processes.
What is invoice automation, though?
Invoicing automation is the integration of the accounts payable function, with specialized technology that effectively processes invoices via AI. This removes the need for too much human involvement and can increase efficiencies and improve financial safety within the business’s fiscal structure.
Here are 7 reasons why a business should embrace the AI and automation zeitgeist, and particularly when it comes to the money side:
1. Invoice automation can save your business time and money
- Do away with duplicates, late payments, and penalties
- Reduce the costs of paper printing and processing
- Reduce the labor cost of assigning expensive resources to data capture
2. With invoicing automation, you can streamline your accounts payable process and improve your efficiency
- Manual data entry takes time and attention – rather assign AI to the task
- Your accounts professionals can then focus on more impactful, directly beneficial work
- Ensure you never pay late
3. Invoice automation can help you manage your supplier relationships more effectively
- Paying late not only incurs penalties but can sour relationships and reputations – automation eliminates this problem
4. Invoicing automation can reduce the risk of errors in your invoices
- Manual invoicing is fundamentally just tedious data capture – there is a high possibility of human error which automation reduces significantly
- With error can come more time wastage as processing becomes bogged down with corrections – again, automation streamlines and corrects automatically
5. Invoice automation can help you meet your compliance obligations more easily
- Invoicing automation catalogs and organizes as the AI learns your internal processes – this means that records are kept correctly filed for easy recall in terms of compliance, and auditing
6. Invoicing automation can provide you with better visibility into your cash flow
- Invoicing automation provides real-time tracking of money in every transactional phase, and then turns that information into data that lets financial stakeholders have total visibility of payments
- That data can then also be interpreted with tools built into the software, to make better money decisions
7. Invoicing automation can help you scale your business more effectively
- Again, this comes down to being agile with the market – today’s commerce environment demands efficiency and accuracy in all departments, so across the board, invoicing automation can shorten invoice processing time within your company’s money controlling hub, freeing up time and money to invest into growth prospects and strategies
How do I automate my accounts payable and supplier invoicing?
Well, with DOKKA. Our premier accounting automation add-on enmeshes itself seamlessly with your existing accounting structure, with AI that’ll make your processes faster and smarter in the market. Click here to request a callback, and we’ll add some superpowers to your accounts payable.