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Top Tips for Streamlining Your ERP Invoice Processing

ERP
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Top Tips for Streamlining Your ERP Invoice Processing

Are you looking for ways to streamline your ERP invoice processing? If so, you’re in luck! In this blog post, we will discuss some of the best tips for making the process easier and more efficient. By following these tips, you can save yourself time and hassle.

So what are you waiting for? Read on to learn more!

Invoice invoice processing can be a time-consuming and tedious task, especially if you’re using an older system. And invoices have to be manually inputted into the business’s accounting system. This process wastes time and resources that could better be spent on higher-level tasks.

Increased Risk of Errors

Any time you’re relying on humans to do manual data entry, you naturally run the risk of unintentional errors — For low invoice volume (<20,000 payments) companies, the average share of transactions requiring corrections in 2020 was 8.6%, according to IOFM benchmarks . Whether it’s entering the wrong purchase order number, paying duplicate invoices.

  1. How AP can improve relationships with your key suppliers.
  2. How to capture early payment discounts and avoid late payment penalties.
  3. How better management in AP can give you better flexibility for cash flow management

A company can accelerate the payable process by taking advantage of automation.

If you’re looking for ways to streamline the process, here are some tips that can help:

How to Choose an Automated Invoice Processing Solution

  • Use a dedicated invoice automation software:
    There are many invoice automation software programs on the market that can make the process much easier and faster. By using one of these programs, you can save yourself a lot of time and frustration.
  • Automate as much as possible:
    Many ERP systems offer the ability to automate some or all of the invoice processing. This can be a great way to save time and reduce errors. For example duplicate invoices check can be done direct in most erp system.
  • Use a newer optical character recognition to capture paper invoices.
    Receive paper invoices can get scan and send throw any watch folder to DOC².
  • Traditional invoice processing:
    Old capture software tools use regex – Some use AI but you can not fix errors in the model.
  • Does your AP automation solution support PO-based invoices?
  • Ease of Use
    Easy to use software is critical to a successful implementation and will help assure adoption by your accounting team

Polydocs DOC² capture supplier invoices with a Swarm UI and include accounts payable. Extracted information can be export as e invoice for example ZUGFeRD.

Automated Invoice Approval

Once the accounting department reviews the invoice data, the system routes invoices for approval based on your business’ specific invoice approval rules. Here cost center can be enter as well for the supplier invoice.

Get Started Automated Invoice Processing Software with DOC²

You can register a free account

DOC² App

Alternative Infor invoice approval with Doc²

Alternative Infor invoice approval with Doc²

Development of an alternative for the invoice approval process for Infor Ming.le

Some customers need more than just invoice approval. For one customer, we developed an alternative invoice approval process that went beyond what Infor offered. We were able to develop a process that leverages Doc² and Release-to-Cash to provide an automated solution for invoice approval. This saved the customer time and money, and it was all possible thanks to our partnership with Infor.

What are the requirements in an invoice approval process?

Invoice approval processes vary from company to company, but there are some common requirements that are usually necessary. The process must be timely, efficient and accurate. It should also ensure that the right invoices are approved and released for payment. Anything less can lead to missed opportunities or even financial disaster.

What is Infor Invoice Approval?

Infor Ming.le is a tool that helps companies automate their invoice approval process. It streamlines the process by automating the creation, routing and approval of invoices. This allows companies to approve invoices more easily and quickly, while ensuring accuracy and compliance.

What are the benefits of Infor Ming.le?

Infor Ming.le Approval offers many benefits that can help organizations improve their invoice approval process. Some of these benefits include:

  • Timely and accurate approvals
  • Automated creation and forwarding of invoices
  • Improved compliance
  • Faster approvals

What are the disadvantages of Infor Ming.le?

Like all tools, Infor Ming.le has some disadvantages. Some of them are:

  • The invoice approval process may still require human intervention
  • It can be difficult to customize the tool to meet specific requirements
  • Requires an understanding of the tool and how it works in order to use it optimally

What is Doc²?

invoice approval

Doc² is a tool that helps organizations automate their document approval process. It streamlines the process by automating the creation, routing and approval of documents. This allows organizations to approve invoices easier and faster while ensuring accuracy and compliance.

What are the advantages of Doc²?

Doc² offers many benefits that can help companies improve their invoice approval process.

Some of these advantages are:

  • Faster and more accurate approvals
  • Automated document creation and routing
  • Improved compliance
  • Easier to use than Infor Ming.le
  • Better user experience by customizing the UI to your needs

Is your invoice processing too expensive?

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Is your invoice processing too expensive?

Reduce the cost point to less than a quarter!

How many unnecessary costs does the invoice receipt cause in your company?

Are you aware that the average cost of processing an invoice is 18€?
 
This massive post can be reduced to less than a quarter through the use of Polydocs. To be precise, to 4€ per invoice.

This is because the AI-based DOC² software, with its high-quality automation capability, enormously reduces the time required for processing by your staff:
 

Only half the time is required for the initial effort.

Manual adjustment is completely eliminated.

Find out more details

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Is your invoice processing too expensive

Digitizing your invoicing process

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Digitizing your invoicing process

How it can lead to more productive interactions with you clients

How digitizing your invoicing process can lead to more productive interactions with clients🤝

In the midst of digitalization, there is one thing that should not be forgotten: the relationships with the clients. 

Digitizing can be overwhelming, and many companies tend to focus on workflows and processes while human interactions are being neglected.

However, the good news is that digitizing your invoices can actually lead to more productive interactions with your clients:

💡Once all invoices are digitized, you will find it a lot easier to manage accounts payable, to keep track of projects and make or receive payments on time.

💡Paper-based documentation can be a major burden, affecting the relationships you have with clients, business partners and other entities.

💡A study by Adobe carried out among executives shows that 63 percent of them believe that paper-based processes impact the customer experience negatively.

Making the switch is simple, and it starts with getting existing invoices digitized. Afterwards, you can speed up payment processing and increase accountability to boost customer satisfaction.🚀

Did you get curious?

Try improving your processes with this tool

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Digitizing your invoicing process

Benefits of Digital Invoicing

Digital Invoicing
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Benefits of Digital Invoicing

How it can reduce cost, time and more

The trend towards electronic invoices has picked up a few years ago and has since then improved workflows and processes at companies:

1️⃣ Digital invoices reduce the time and costs involved in processing paper invoices by eliminating two frequent sources of error—mail sorting and data entry. 

2️⃣ They also ensure that invoices are paid faster, thereby avoiding financial imbalances. 

3️⃣ Digital invoices also improve the traceability of invoicing operations, while offering easier access from anywhere. 

4️⃣ They can also facilitate data exporting, notably when the digitization system is integrated into a software-management solution. 

5️⃣ Since they are stored on a hard disk or in the cloud, digital invoices save space and decrease the risk of damage to these documents. 

Transitioning to full digital invoicing is not without its challenges for organizations. 

They will have to guarantee the authenticity of invoices and the integrity of their content, while also integrating the digitization tool into their IT system to ensure optimal compatibility with other management tools. ✅

Benefits of Digital Invoicing