Filling out invoices is a part of businesses' daily routines, whether they are ordering a new batch of supplies or mailing contracts to a new client. However, these small expenses accumulate over time and deplete a company's IT budget. Instead, departments can save 60 to 80 percent from their allocated resources just by using invoice imaging software.
Earlier this year, a study from Billentis, an electronic billing business explained that chief financial and information officers can see a return on this investment. But this does not have to be a long-term improvement—respondents saw a change in six months, according to Supply Chain Digital.
"Today's finance departments face a complex and challenging business environment that requires tremendous business savvy, making innovation an essential driver of the department's excellence," Billentis owner Bruno Koch told the source. "Erratic markets, the globalization of trading, new regulation and compliance issues, increasing complexity of business processes and steady change/transformation have forced the function of finance to redefine its role in the organizations."
In the world of logistics, organized invoices are important to ensure inventory is accurate. On top of that, paying for separate expenses like postage, photo copies and printing can become a thing of the past with e-invoicing technologies. Instead of paying employees to complete tasks by hand, paperless office solutions can help companies keep expenses low and hold onto their profits.
To take it a step further, departments can organize their invoices on cloud-based servers. This way, every e-invoice is recorded into their database in case a vendor mentions there was a discrepancy in a recent order. Software like these have updated search fields that will help employees find the information they need.
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