Selecting the best automated invoice processing software can be a daunting task. The current market for automated accounts payable systems is growing by the day, and it can be confusing knowing where to start.
There are tools that do part automation, full automation and no automation at all, while some may not integrate into your current ERP or financial system. Some may need tailored deployments to make them work, which takes time, while others will require personalised training.
To give some guidance, we asked ourselves why businesses need to automate their invoice processing in the first place to compile a list of the key attributes needed to make sure you choose the best automated invoice processing software for your business.
Automated invoice processing - what’s all the fuss about?
The first question is why automate my invoice processing at all? Put simply, manual processes are time-consuming, expensive and error-prone.
The manual process involves creating invoices, sending them to suppliers, following-up in the case of late payments, and ultimately approving payments.
This entire process eats up a tonne of time for accounting and finance departments handling it manually. It takes around 25 days for the average SME to process a single invoice when using manual processes.
Manual processes also don’t provide a perfect audit trail, as it can quickly become confusing as to who created, dealt with and approved invoices, especially when dealing with multiple suppliers.
The saviour in this scenario has undoubtedly been the development of technology such as artificial intelligence (AI), machine learning and automation, decreasing the amount of time and problems faced by manual invoice processing.
Switching to automated invoice processing can lead to significant cost savings. Where a paper invoice would typically cost a business around £7 to process on average, a digitised automated invoice can cost just £2 - with average savings of around 50-75% when compared to manual processing.
For businesses processing hundreds or thousands of invoices every month, the savings can quickly add up.
Additional benefits of automated invoice processing can be found in 30% time reduction in processing invoices as well as a significant reduction in the chance of human error, and therefore fraud.
Plus, since the technology is taught to learn from existing records, invoices are not approved unless they match every single record scanned from previous documents, meaning better security, accuracy and peace of mind.
What makes the best automated invoice processing software?
The problem to solve manual processing has been realised, but where do you start when it comes to choosing an automated invoice processing software supplier?
There is an already large array of automated invoice processing software on the market, and it’s growing by the day.
To alleviate this headache, we’ve come up with a list of important factors to consider when scouring the market:
In the digital age, every company that wants to stay competitive needs to adopt full-on Accounts Payable automation software that is fully integrated with its ERP system.
It’s important that the solution fits around your business and not the other way around. Make sure that the solution integrates with your current ERP and financial system as, if not, it could be an expensive process to tailor the solution or replace other systems entirely.
Seamless and painless automated invoice processing integration is no cookie-cutter scenario, which is why Our team of experts, engineers and customer support specialists can help with the entire integration process. Yooz currently integrates with more than 250 different software packages worldwide - and we’re constantly adding to this list to make integrations as easy as possible.
Any new tool needs time to get used to, especially one as important as this. Some tools may need specific training in order to get set up, which takes time and may cost extra in the process.
Cloud-based tools, however, are typically easier, faster and more efficient when it comes to training up your team, meaning staff can start realising the benefits of automated invoice processing almost immediately.
We realise the importance of the user experience and developing a tool that anyone at any skill level can use. Yooz is incredibly simple to use and does not require any training, although we have a team of experts just in case you need a hand with anything. It’s just one of the reasons why all 5 of the top accounting firms use and recommend Yooz to their clients.
The risk of fraud and theft when dealing with payments will never disappear, but it’s important that any new solution does not increase this risk to your business. Automating the invoice process guarantees total security and traceability of daily operations.
With a cloud-based solution, there’s also no need for additional security and data privacy safeguards if employees are working remotely, as most solutions will come with user authentication, role/user-based permissions, and readily available audit information.
With an automated invoice processing solution like Yooz, you have full confidence that your financial data will stay secure. Our platform is also regularly and vigorously tested for new vulnerabilities by external auditors to prevent any security breach to give you peace of mind.
It's time to start! Find out how to start your AP automation project in 1 hour.