Are you feeling like you need a Flux-Capacitor-equipped DeLorean to get your business operations streamlined with modern solutions?
Outdated invoice systems are causing businesses to spend more on invoicing than they would with an automated solution. (Calculate how much spreadsheet-based expense reporting is costing your company here.) Take a look at five reasons your business should evolve past the bygone business era of the '80s and streamline office invoicing, even if you are a "Goonie" at heart:
1. Better Visibility
You shouldn’t need to use the Zoltar machine to gain visibility into your accounts payable. Many CFOs and financial decision makers don’t feel they have big-picture visibility into invoicing and office expenses. Automated solutions create reports with detailed expense and invoice data in formats that are easy to read and analyze.
2. Reduced Costs
Because manual, paper-based processes are driving up business labor costs, many organizations spend significantly more on invoice processing than they would with more efficient and streamlined solutions. Businesses are unknowingly throwing away a lot of money—thousands to millions of dollars each year—on manual AP steps that could be automated.
3. Less Paperwork
Physical filing cabinets have a new form these days: secure computer files. You shouldn’t feel like you’re navigating the Labryinth when you’re really just trying to find invoices from years past. Plus, having digitized versions of invoices helps keep them secure and readily-accessible. Physical documents are subject to loss, fire, flood and theft, so it’s important to have a backup.
Learn more about the true costs of paper-based invoicing in this report.
4. Increased Productivity
Finance workers spend hours filling out forms, paying bills and manually processing invoice paperwork. With automation, employees and financial decision makers will save time that can be used to focus on more important endeavors, rather than printing out invoices, getting approvals and sifting through invoice data.
Taking human hands off documents by automating workflows is a no-brainer that reduces the possibility of errors along the way.
As long as accounts payable remains manual, which requires workers to be in their offices to do their jobs, it won’t operate with the speed and flexibility that modern business operations desire today. Mobile and cloud-based solutions cater to all workers—especially Millennials—when it comes to allowing invoice processing and approvals through technology like tablets and smartphones. Mobility also helps reduce late payments since approvals become much faster when all information is readily accessible anytime, anywhere.
Welcome to the 21st Century
In the immortal words of A-ha, cloud-based and automated invoice processes scream to businesses: “Take on me.” We bet that even Doc Brown himself would be impressed by technologically-savvy solutions to make office life easier. No time travel involved.