Streamlining the Invoice Management Process – How Accounting Automation Saves Time and Money
It’s very safe to say that we’re now in the thick of a modern business revolution – automation of processes reigns, businesses are agile in response to client demands, and we’re all now part of an integrated global village when it comes to how we work.
And automation is the key and operative word here because what it’s let us embrace, essentially, is artificial intelligence-powered freedom in many of the systems and operations we have in place within our organizations – processes that previously relied on high levels of human involvement. Now, we can essentially assign machine learning to take over many mundane processes in business, freeing up our departmental professionals, so that they can spend time on more pressing matters.
The invoice management process is a case-in-point. Let’s detail here, how accounting automation can streamline the invoice processing procedure.
The antiquated invoice processing procedure
For businesses not embracing the zeitgeist of accounting automation and artificial intelligence (AI), the invoice processing procedure is an entirely manual process – and that’s precisely the problem. Your accounts payable team should really be lending their fiscal savviness to matters like supplier relations, and sourcing competent businesses with whom to partner. Instead, they’re being bogged down by the manual data entry and human error that comes with an invoice processing system of old.
The modern invoice processing system
Every modern business should be enjoying the cutting-edge systems of a good enterprise resource planner (ERP) – it’s every business facet, from marketing to supply chain, to human resources and more, all brought together in one digital space, supplemented by cloud storage, and accessible from anywhere, at any time.
But there’s one essential additional feature – the accounting automation add-on that can be integrated with an ERP’s accounting capability, to make it better. And it’s this feature that has changed the landscape of account payable tasks – effectively bringing the invoicing process swiftly into the future.
The accounting automation add-on simply consolidates invoices that come into a business, in one central hub. They’re then viewable and can be processed through a single interface that is the main and central touchpoint for every stakeholder that needs to interact with or approve, these invoices.
What’s more, with modern a modern invoice processing system like an accounting automation add-on:
- Manual data entry is a thing of the past – saving time and reducing human error significantly
- Unnecessary communication is reduced – the system extracts data from invoices automatically, and catalogues each in a single, easy-to-read dashboard
Is this the kind of pioneering invoice management capability you’re looking for?
DOKKA’s premier accounting automation add-on is everything you need to collect, process, and archive invoices and bills efficiently.
Here’s how it works
- Your accounts professional receives an invoice via email, or in hardcopy.
- If via email, DOKKA’s smart AI will automatically extract the relevant invoice data and populate the invoice management system. If it’s a hard copy invoice, the accounts professional will manually input the relevant data.
- The invoice is catalogued and stored in one central dashboard.
- Once input is complete, relevant stakeholders are notified for assessment and payment approval, query or decline.
- If queried or declined, all interaction or communication regarding the invoice can be done through the system.
- Once approved, the finance manager or accounts payable clerk is notified, and the invoice can be processed for payment.
- That completed and processed invoice is automatically exported to the company’s ERP and stored within its accounting and bookkeeping ecosystem.
It’s easy to see the convenience and efficiency DOKKA provides – little to no manual data entry and unnecessary emailing, effectively reducing human error, and time wastage.
DOKKA’s benefits in real-time
With DOKKA’s invoice management process, driven by seriously smart AI, businesses can:
- Save time – tedious manual labour is reduced through automation
- Save money – costly data entry errors are minimised
- Obtain more accurate data – automated invoice processing captures accurate, clean data from input to payment, and stores and catalogues invoices and documents accordingly, for easier and faster reference and retrieval
It can be a difficult thing to embrace change – especially in business if processes are cemented in place. Sometimes, those processes are so outdated, though, that progress is hindered, and it can be detrimental to a business’s relevance in the market, its ability to be more efficient, and so its potential for growth. DOKKA is a seamless solution, though. An innovation in accounting automation that integrates so effortlessly with your ERP, that your systems will never need to be disrupted – its introduction will mean ‘business as usual’, in a day-to-day, but ‘business remarkable’ in your accounts payable department.