Digital transformation in the field of Accounts Payable has been tough to carry out, given that invoice operations are inherently complex and place a lot of dependency on human effort. As with any other technology, this is just another hill to climb in the right direction.
Reducing the burden on manual labour, minimising errors, identifying fraudulent claims and avoiding duplicate/missed invoice payments are some of the advantages of automated invoicing. Studies suggest that up to 60% of invoices do not match the final quotations, which leads to further delays in payments.
The time has come to automate and digitise your freight invoice processing and profit from it.
Automated freight invoice processing
Automated freight invoice processing involves matching invoices with the original quotation and sending them for payment with zero human help.
Automated systems instantly notify the vendor in case of any discrepancies found in the invoices, saving a significant amount of time as a manual follow up is not required.
GoComet’s innovative software solution – The invoice reconciliation module, makes it possible to auto-approve invoices, reject duplicate invoices and improve the auditing process. It provides a unified dashboard where the vendors can upload their invoices, and from there on, the entire process is automated.
The module guarantees accurate matching with the help of Optical Character Recognition (OCR) technology.
The adoption of a smart solution hence helps streamline existing processes and maximise the efficiency of operations.
Why is it essential to move away from manual invoice matching?
Not only is invoice matching a painful process but also a tedious one. It is document-intensive and takes up a lot of manual resources to get the work done. In a traditional scenario, invoice processing involves the following steps:
- While Accounts Payable (AP) teams handle invoice processing, there are times when invoices are sent to departments outside of AP. Keeping a manual track of each invoice, and making sure that it is directed to the correct team is error-prone and more often than not, leads to missed or cancelled invoices.
- Invoices need to be matched with their supporting documentation, which has to be retrieved manually. Delivery notes, purchase orders, goods receipt and other related line items have to be scanned in depth by the AP clerks to verify all the data correctly. It is easily the most time-consuming process and proves costly in the long run.
- At the time of approval of the invoice, chasing down different teams, who may or may not be available then, can result in delayed payments.
Missing out on early-payment discounts, weakening your relationships with suppliers and falling into the maze of missed/duplicate/delayed invoice payments should be reasons enough to automate your freight invoice matching process fully. GoComet’s solution allows you to reap all the benefits of automated invoicing seamlessly.
Experience seamless invoice reconciliation through automation
Driving efficiency at every stage of the supply chain is the need of the hour, and invoice matching is no different. A smart automation solution opens the door to a more efficient, profitable and lesser manual-intensive invoice management system that helps you be in complete control of the workflow.
The main concern of invoice reconciliation is the massive amount of time it takes to process an invoice and the costs involved. To make sure of an accurate invoice matching process, it takes anywhere between 8-20 days.
Many vendors offer early-bird discounts on payments, which most companies forego because they cannot risk full payment without manually verifying the expenses first. Also, the costs are higher than expected with manual invoice processing, ranging from $5 to $12 per invoice, and silently bite into your profits.
Invoice matching is one building block of the entire invoice management process, but it is a crucial one at that. Automating your invoice matching process provides an entirely digital workflow that is extremely secure and fast when compared to the traditional methods.
Benefits of automated invoice matching
The benefits of automated invoice matching systems are numerous, making it all the more imperative to allow automation to come to the rescue of your accounts teams.
- Save time, money and resources
Carrying out data entry manually, spending lots of time searching for documents and physically comparing results is time-consuming. As much as 50% of the time, money and resources spent on manual processing can be cut down by automating your invoice systems.
- Improved client-vendor relationships
On-time payments play a significant role in maintaining healthy relations with your vendors, and an intelligent, automated system allows you to manage deadlines. There are no more massive backlogs of invoices to sift through with overworked employees causing delays. This also helps provide transparency to the vendors and keeps them in the loop.
- Increased visibility of operations
A single dashboard facilitates easy accessibility of the invoice processing progress and related information. This gives you greater control over your operations and enables you to react proactively, incase of any issues.
- Eliminate the need for manual effort
By providing an electronic workflow with the majority of data extraction, storage of supporting documents and data processing digitised, automated systems significantly decrease manual intervention. Lesser errors enhance productivity.
- Capitalise on early-payment discounts
Automated invoicing enables you to process invoices promptly, thereby helping you to obtain prepayment incentives from vendors.
Embark on your digital journey today and find out how GoComet can help you pay less for your freight procurement, digitally track your shipments and auto-reconcile your freight invoices, contact us here.