Traditionally, employees manually enter data, analyze and reconcile invoices, tracking every step of the invoice processing process. Manual processing is time-consuming and prone to errors such as data entry errors, etc. However, there is now a better way to handle the accounts payable process thanks to AP solutions, Accountants were able to eliminate manual tasks while ensuring consistency and accuracy in workflow and invoice processing.
Join Bizzi to learn about the invoice processing process!
What is the invoice processing process?
To explain what the invoice processing process is, we need to understand that the invoice processing process is not the same in every business. It includes a system of analysis and internal control work to prevent unauthorized payments maintain good accounts payable process.
This internal control system starts from receiving the input invoice and checking the information fields on the invoice. Most companies perform a 2-way or 3-way reconciliation process to verify invoices against POs and fulfill payment orders. For example, invoice details such as quantity, price, date and other details, must match the information on the purchase order.
As you can see, manual monitoring of all these processes takes time. However, with a payables management solution, you can free your employees from tedious tasks and allow them to focus on productive professional tasks that add value to the organization.
It's time Automate the invoice processing process
In the long run, automated invoice processing offers many benefits to you that are different from slow manual invoice processing that affects the efficiency of the payables management process.
Increase transparency for the entire process by streamlining invoice processing and approvals towards automation. Thanks to that, all data is displayed fully and accurately right on a centralized system:
- Electronic invoices are sent directly to the receipt email, which connects to the platform portal so the data is analyzed in an automated environment.
- Most AP part platforms have two-way and three-way collation mechanisms. This mechanism enhances invoice processing speed.
- Since everything is automated, visibility is better with improved data consistency.
- The AP solution saves you from having to worry about fraud.
- Can cut costs and processing time.
- The overall efficiency and productivity of the AP team increased significantly.
Automation is the key to success
Manual invoice processing causes inefficiencies that severely impact your company's bottom line. When the Accounts Payable Management Process Still manual, invoice processing and reconciliation can take up to several days negatively impacting departmental performance and the overall financial performance of the business. Therefore, automation is the key to success.
Process automation gives businesses great control. With invoice processing with a payables management solution, it's easier to keep track of them in short processing times.
Bizzi - a comprehensive invoice processing solution to solve the "pain" of the accounting and finance industry
Automatically receive and store electronic invoices
Previously, emails used for processing and storing input invoices were usually from accountants, which caused many problems for businesses such as limited storage system, no information security. , difficult to find, retrieve old information or typically leave employees, making it difficult to find data of old invoices.
Bizzi provides each business with a unique email address. Bizzi bot has been trained to automatically retrieve invoices to the platform for processing, accounting does not have to intervene manually. Electronic invoices are stored in one place with a visually displayed list.
Automate invoice processing with robots
App Bizzi provides invoice processing solutions through the application of AI technology and robotic process automation (RPA). Bizzi's platform can be integrated with existing accounting solutions, and connects suppliers and customers to automate financial processes such as checks, reconciliations, bill payments, etc.
At the same time, Bizzi provides each company with a separate and unique email address, Bizzi bot automatically downloads invoices to the platform for processing after checking Bizzi automatically announces the results, accountants only need to see the results. The results are displayed and then a review decision is made without any other manual action.
Comprehensive solution to reduce the risk of accounting errors
Manual invoice processing not only takes time, but also causes many errors, especially tax risks. As a result, many businesses have to pay quite expensive "prices" for their mistakes.
With Bizzi, the input electronic invoice is automatically checked and authenticated by the system with different criteria to ensure its validity such as: electronic signature, tax code, supplier information, etc. is a big step forward for companies to eliminate the risk of fake invoices due to the absence of signature checker software for peace of mind in terms of data security and accuracy.
Especially, Bizzi is a tool to help companies reduce errors, increase the productivity of accountants, each electronic invoice is processed in just a few seconds.
Extract data to transfer to accounting software
Bizzi supports businesses in automating the process of receiving and storing electronic invoices with quick time in just a few notes. At the same time, the platform also allows users to automatically extract data suitable for each business's accounting software.
Bizzi automatically processes e-invoices and extracts data into an excel file in accordance with the accounting software the company is using to support data entry. In addition, electronic invoices are stored on Bizzi with a visual display list, allowing accountants to search by many different criteria such as supplier, invoice date, invoice number, tax code, etc.
Bizzi's robotics and machine learning process automation technology helps reduce 80% invoice processing time and 50% processing costs, while increasing transparency and tax compliance. Bizzi contributes to accelerating digital adoption and digital transformation in the financial sectors with tangible and measurable benefits.
Businesses can register to experience Bizzi's products today!
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