Automating incoming invoice processing can make a big difference for both buyers and suppliers. Usually, frequent invoicing with manual processes makes people face a lot of difficulties due to inefficiencies and risks when errors appear. But with an automated invoice processing solution, companies can streamline this process and minimize risk.
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What is input invoice? Why Automate Invoice Processing?
Before we can talk about how to optimize it, you should first outline the exact invoicing process. While it can vary from company to company, the manual invoicing process typically follows these steps:
- A paper or digital invoice received from a supplier, stating the cost to be paid for the goods or services delivered.
- The invoice is sent or delivered to the relevant member of the AP (Account Payable) department for processing
- Invoice data is manually entered into the accounting software or into the paper invoice system
- Invoices go through a manual internal approval process to ensure that invoices are relevant and accurate
- Payments are scheduled or made instantly to suppliers, ending the invoicing process
All in all, this may seem like a relatively simple process at first, but as your business expands, the invoicing process takes a lot of time and effort to process. Furthermore, each individual step of the process involving human input presents a potential point of failure. Therefore, you should need a tool that automatically handles incoming invoices so that you can optimize your day-to-day work efficiently.
Optimizing the automatic processing of incoming invoices
Here are all the methods you can use to improve the efficiency and accuracy of how you process your invoices, resulting in a smoother invoicing process, less manual labor, and fewer errors than.
No paperwork needed
If you're still in the process of manual paper invoicing, moving to digitize the entire invoicing process, saying no to paper invoices is a logical first step when it comes to optimization. Without this step, your ability to streamline and optimize your process is extremely limited.
Reduce human input
To optimize the invoice processing process, you should reduce human input so that unnecessary mistakes can be avoided. Human input is involved in every step of the typical manual invoicing process, from having the supplier invoice in the first place to the final payment made by the buyer. Reducing that input by automating every step can increase reliability and reduce costs.
Integrate invoice processing with your ERP
The invoicing process is just one part of normal business operations, and it relates to and intersects with other processes such as cash flow forecasting and supplier management. Accordingly, creating a single platform can be used to achieve operational intelligence and achieve cross-departmental efficiency.
Automated processing of incoming invoices is one solution
Much of the value gained from optimizing the invoicing process can only be achieved with one solution – invoicing automation software. Invoicing automation solutions can allow you to greatly reduce human input, vastly improve the accuracy of your invoice processing, and seamlessly integrate your invoicing with the rest. of your ERP system.
The solution can parse invoices in any format, including machine-generated and scanned image PDFs, and extract the necessary data. Meanwhile, a cloud-based resolution process has been created to address any situation where information may be missing from the file. That means no matter what approach your supplier takes to invoicing, invoice automation can be used to optimize your involvement in the process.
Optimize the automated processing of incoming invoices with Bizzi
In September 2019, after a period of research and development, Bizzi launched a lean cost management solution for businesses. The solution supports organizations to automatically process input invoices, reduce manual tasks, optimize performance and improve operational quality of the financial accounting team.
Bizzi is a pioneer in Vietnam to provide automated invoice processing and lean cost management solutions for businesses through the application of AI technology and process automation by RPA robots. Thereby, Bizzi helps organizations reduce 80% processing time and 50% invoice processing costs, while increasing transparency and tax compliance for businesses:
With Bizzi, your business has a set of streamlined solutions for digitization and cost management, while supporting the efficiency of the accounting team:
- Increase work productivity with the system to automatically check invoice information
- Minimize tax and financial reporting risks
- Automatic intelligent collation with 99.9% . accuracy
- Real-time cost control and management
- Maximize savings on manpower and paper costs
- Automate the document making and payment request process
- Speed up approval time
Automating the lean cost management process by Bizzi robot helps reduce the load of repetitive operations, the processing process is automated to 90%. Simultaneously. Bizzi automatically receives, loads and checks and reconciles 3-way invoices. Only a few seconds Bizzi processed quickly, the accountant only needed to observe the returned results and make a decision to approve the invoice, saving maximum time for the accountant as well as the relevant departments.
According to Bizzi's statistics, on average, a business will spend from 5,000 VND to 8,000 VND/invoice if done manually. If a business uses Bizzi's digital transformation solution for accounting, this cost is only 1,000 VND/invoice, Bizzi saves at least 50% in costs for the business, meaning only 1-2 employees are needed to process it. .
With Bizzi bot, the risk level is minimized with an almost absolute accuracy of 99.9%. Bizzi is one of the few software on the market that can check the reasonableness and validity of digital signatures and digital certificates.
Besides, the jobs that need 2-3 people to handle, now just need Bizzi to be able to balance the entire accounting department with 24/7/365 productivity without taking time off. Therefore, it can be said that Bizzi contributes to reducing work pressure for accounting staff if before, businesses often needed 2-3 employees to perform repetitive tasks. Now, it only takes Bizzi and 1 employee to be able to handle jobs with higher efficiency.
Currently, Bizzi has been trusted and used by +1200 large enterprises and corporations such as Tiki, GS25, Circle K, PNJ, P&G, VNG, Grab, Ikea, Sabeco, Pharmacity, etc.
Are you ready to convert? Schedule a demo today and discover how Bizzi can help your business automatically process input invoices!
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