Our last webinar in the GoSmarter webinar series was about automating
the processing of received invoices to eliminate the cost and hassle of
errors, late payments and dealing with paper documents. With SME's
already losing around 150 days a year to admin, invoice processing can
suck up to 10% of that time. An invoice can cost between £4-25 to
manually process and over 3% of them contain errors, costing on average
£40 to rectify. Manual invoice processing is costly and time-consuming,
making it a perfect case for applying automation.
So how do we automate invoice processing? We do it in three phases, two
automation steps, with an AI step sandwiched in the middle.
By automatically detecting invoices in your inbox, you won't need to
hunt down invoices and you'll never miss a payment request. The AI then
step uses OCR (Optical Character Recognition) to convert the invoice
image into computer readable text. The final step takes this text and
stores those details in a centralised repository so it can't be lost.
There are a few invoice processing tools on the market which Mia
compares in the webinar, explaining that the only downfall is the price
build up when you reach a certain number of invoices per month or want
to add users to the service.
Our GoSmarter tool is designed to be lower cost as the number of
invoices accumulate. It also has a bigger focus on automating the
detection of invoices, meaning you can consolidate invoices from a wider
range of sources. This is extremely valuable when your suppliers aren't
using some of the approved invoice apps that connect with the other
tools. You'll be able to train the tool to recognise invoices from your
suppliers, and once trained using about 5 invoices per supplier, you
won't have to find invoices from them again, as your tool will find
them for you.
Our solution is built on Microsoft's Power Automate which costs a
monthly subscription of £11.30/month. Power Automate is also used in our
Process Automation tool, so you can get a lot more use out of it than
just invoicing. Mia talks us through some of the other uses in the video
Take back control of Processing Invoicing by Automating.
Keeping on top of your cash flow is essential to any business and
automation of invoice processing can make it easy, too. There are no
excuses! Access our Invoice Processor and other SME automation tools by
singing up to our app.
Sign up for GoSmarter