How to Automate Invoice Processing?
Traditional organizations still consider invoicing as a manual back-end operation. However, manually processing the invoice results in accounting risks. It includes:
- Late payments
- Time-consumption
- Labor expenses
- Endless filing
- Routing and Approving invoices
- Complexity
- Lack of visibility
Why should businesses opt to automate invoice processing? Terminating manual errors and adopting an efficient digital invoicing system accelerates the AP workflow.
Groflex is a GST billing software widely known for organizing and handling data related to accounts payable. It runs the collection, processing, and delivery of supplier’s data at configured intervals. The online GST accounting software scans interprets and files the invoice data without human interruption.
Conventional Businesses in today’s competitive world demand streamlined automation. Artificial Intelligence and Machine Learning have redefined the digital invoicing process. It not only automates the invoicing process but also helps defend against fraud.
What Is Automated Invoice Processing?
Automated invoice processing is cost-effective management of Invoice data, from arrival to payment, with the implementation of a cloud-based system. Moreover, it is an ideal way for businesses to get rid of manual invoicing or paper invoices. Also, invoice automation enables organizations to gain better control over the accounts payable.
How to Automate Invoice Processing?
Automating invoice processing has significant benefits and minimal implementation risks. You can optimize productivity by implementing the integrated and smart management of invoice processing. Here is a complete guide on how to automate invoice processing with grofleX.
1. Creating an Invoice Template
The automated invoice processing is a contrast of manual procedure. Creating invoices on grofleX is an easy task. You can create a detailed invoice with the UI builder once you have collected all the data.
The automation platform enables custom workflows with customized invoicing solutions. Secure compliance allows you to create an invoice based on tasks or rates. grofleX is a smart software that will enable you to incorporate branding like custom logos, text, etc.
The image below demonstrates the single dashboard which offers creative templates. Visit groflex.in to automate invoice processing.
The template includes tables for various essentials like:
- Invoice Number
- Specified table for suppliers/clients/customers/vendors (name, address & contact info)
- Number of items
- Total amount to be paid
- Remarks & etc.
As you can see in the image below, you can easily automate invoice processing with essential options available on grofleX.
With easy automation, you can make efficient use of your accounting team. Automate invoice processing with groflex.in. Check out the official website to get a free trial.
2. Specifying the Approval Conditions
While creating an invoice, you must specify how the invoice has to be approved. Defining the same makes it easier to carry out the invoicing procedure further.
- Specification of the authorities (Approving authority/secondary authority).
- Terms and conditions for approval.
- Well-defined step for future procedures to be carried out.
At Impress, we understand that each company has diverse preferences. The template can be edited according to your requirements. Once the invoice has been created, you can automate the circulation among different levels of the organization.
3. Clearly Defining the Terms and Conditions for Approval
You must clearly define the terms and conditions for invoice approval. It stimulates the functionalities of invoice processing. Likewise, grofleX offers a unique option to hide the terms from a specific team member and provide access to members involved in the invoicing process. You can also access the additional security options and restricts the rights for modifications to you alone.
4. Effortless Workflow
Once you mention all the essentials in the software, the workflow in the organization is automated. You can fax or email your suppliers through the software. Automatic notifications are sent to different levels of the organization to maintain a smooth workflow.
Why Automate Invoice Processing With grofleX?
Execute Transparency
Transparency is when you have access to all the invoice data. Get access to everything from invoice status to spend patterns. GrofleX provides 100% visibility. It also gives access to the status of all invoices ever created.
The online software allows us to monitor the expense report, like what is being spent, where, and when. The tools give a clear picture of the business pay-outs. This helps the accounting team to make data-driven decisions.
Effortless Invoice Processing
GrofleX provides invoice updates and 27/7 visibility. Country specific VAT- regulations offer is essential for an automated system. With the use of an integrated automation solution, you can control the invoice management on a global scale.
- Capture: The data capture solution reads and interprets all invoice files, regardless of any format.
- Validation: It means division and validation of captured invoice data, as per the available purchase order, goods receipt, and master data.
- Resolution workflow: It means flagging of any discrepancies and missing data for user verification.
Maintain Quality Relationships With Everyone
The automation of the invoicing process rids the management system from the burden and helps focus on higher management tasks. This, in turn, helps keep them happy. Having an efficient accounting system also helps maintain a good relationship between the organization and suppliers. With impress, you can benefit from the automation solutions and advanced online payment options.
Conclusion
In conclusion, automated invoicing is gradually beneficial for organizations. Get rid of the traditional methods and lean on technology for the implementation of cost-effective processing automation.
Cut down on unnecessary paper invoicing and implement grofleX, the #1 GST invoicing tool in India. We are a certified company bound by information security for handling finances. Let us help to ace the race in today’s competitive world.
Check out groflex tutorials to understand the electronic invoicing.
