Modern finance teams are under a lot of pressure. Facing increasing calls for efficiency and cost savings, whilst digitalising operations and responding quickly to changing times. Expectations have changed too, with finance now expected to achieve more with less. Legislation and regulations are adding complexity, necessitating clearer controls and oversight of finances.
To meet these demands, there’s a critical need for finance to become smart - to use technology to automate time-consuming tasks, reduce error and save resources. Intelligent data capture and invoice management offers a way to achieve this.
Technology makes the task of detailing key figures at a moment’s notice much easier. Finance teams can rapidly assess where their organisation stands in the market and constantly monitor profitability and liquidity. Accounts payable and receivable can be executed securely and with fewer errors, as outdated paper and manual operations are replaced with software.
Invoice processing systems like DocuWare and ancoraDocs, enable finance teams to accurately record invoices, outgoings, approvals and related documents. It can also break down the silos that often exist between different departments and tools (ERP and accounting systems, for instance).
Using DocuWare, finance teams don’t have to worry about unpaid or mislaid invoices. They can better track expenditure and take advantage of early-pay discounts. Documents in various formats, including email and PDF, can be stored and sorted for easy review. Helping a finance team keep on top of pending issues and costs, plan ahead and drive cost savings. It also improves transparency and accountability, which is essential for financial auditing to run smoothly.
Meanwhile, ancoraDocs offers a complete invoice processing solution that’s specifically designed for Accounts Payable departments. It can handle invoices in multiple forms including paper and electronic formats, reducing manual data entry by 60 to 90 per cent.
Potential errors are automatically flagged by the system for resolution, enabling a human team to focus on value-added activities like relationship building with vendors.
Manual and paper-based processes are no longer fit for purpose and will increasingly hinder your business as operations become more digital. Investing in invoice processing now will pay dividends in the long run as your finances become more visible with fewer errors, greater communication, consolidation for planning and drive greater insights.
Discover more about transforming your finance workflows through invoice processing software. Download our whitepaper now.