AUTOMATION "The future of Invoicing"

Invoicing is the process of issuing a commercial document issued by a seller to a buyer, relating to a sale or transaction indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer. According to a study done by Aberdeen Group, generating an invoice can take 4.1 to 16.3 days. A company is run on its financial cycle and invoicing is the basis of that. For this reason, it is important for invoicing to be as flawless as possible. From payment processing to final bill inquiry, there can be no hiccups along the way. 

Modern day problems with invoicing 

Cost and Time Consuming 

The average price of an invoice is 5.50$. It is safe to assume this is a lot of money for a simple bill generation. As mentioned before in the article, it takes a maximum of 16 days to generate an invoice. It affects the functioning of the company and the vendor at the same time. It is a common practice for vendors and distributors to give discounts if the invoice is generated soon. For this reason, it is a must for companies to generate invoices as soon possible. 

Format Mismatch

There is no fixed format of invoices. Often a company has to deal with a variety of vendors who may invoice companies in different ways. An invoice can come in the form of a PDF, Word document, SMS, Call, letter etc. Since it comes in such a large variety of forms, there is no fixed format for the invoice. This is why it is hard for companies to sort and interpret these invoices correctly. This is one of the leading causes for invoicing being a time consuming process. 

Automation Solutions 

Automation is the best way to solve all your invoicing problems. With the technology automation has to offer, invoicing is made much faster. The number of advantages automation has is immense. From OCR technology to Robotic processing, automation has a large number of solutions for your problems. The advantages are, 

Advantages

Smoother operation 

With the aid of OCR, automation tools are able to generate double the number of invoices a clerk can produce. Since OCR will interpret the various formats, it reduces the human labor that goes into understanding the formats. There is much less friction and much faster operation. 

Mutual Benefits 

Automating the process reduces the cost and human dependence. Since both sides of the transaction can be benefited from this system, companies benefit from early transaction discounts. Vendors benefit from this as well.

Adapting to modern day 

At the end of the day, automation is the modern day solution to everything. Ever since the pandemic, it is very hard for employees to generate invoices from their homes. With the help of automation, invoicing is made very easy for the work-from-home era.

Izoe has helped many companies adapt to the new work-from-home era. With all the automation tools under the Izoe umbrella, tasks like invoicing are made much easier. Automative invoicing is the need of the hour and must be done right away.