The finance department of your transportation and logistics business can witness chaotic invoice processing of varying degrees. There will be vendor invoices in almost every format you can imagine. These include hard copies, scanned PDF files, emails, and more.
Capturing information accurately and processing payments can be challenging in such circumstances. Matters become worse when there are heaps of invoices during peak season. Your overburdened finance staff is more likely to commit errors due to data mismatch or lost information.
So, what’s the solution? An invoice capture software for your logistics business can help. But what is it? How does it work? What are the benefits? Let’s find answers to these pertinent questions in the article below.
What is Invoice Capture Software for Logistics Businesses?
Your finance team needs a robust accounts payable system to process invoices timely and accurately. Traditional invoice processing involves entering data manually, matching purchase orders, and doing subsequent filings. It is a time-consuming process that also poses risks of costly errors. There is thus the need for automated invoice processing.
An invoice capture software leverages the power of automation to help finance teams standardize their accounts payable processes. It extracts relevant data from invoices and adds it to the accounts payable systems. The advancement enables seamless payment to vendors within minutes.
Invoice automation helps with matching prices, managing purchase orders, standardizing workflows, and making digital payments. Your finance team can also streamline the accounts payable system.
How does Invoice Capture Software for Logistics Businesses Work?
Traditional invoice processing is time-consuming for your finance teams. The process starts with your team receiving the invoice from the supplier. They would try to match and approve it in the system. There would be a need for further approvals when the invoice amount is large and beyond standard limits.
Invoices will then get added to the system for payment after receiving due approvals. The manual process can involve several other complexities based on the different types of businesses. It will hamper the productivity of your staff, especially if they have to process several invoices.
Automation helps eliminate these tedious tasks and gets straight to the business. Your finance teams can review and feed invoices into the system as soon as they arrive. There is no manual intervention needed to add information. The software will scan the data and extract the relevant information.
The software can also capture and feed the data from desired fields into the automated management system. It could be everything from the vendor’s name to the number of items and invoice amount. The invoice would then proceed to the relevant authorities for approval.
Benefits of Invoice Capture Software for Logistics Businesses?
Automation of the accounts payable system brings several benefits for your finance team. It will be an investment that will bring long-term returns. Let’s look at the advantages in detail.
Reduces Processing Time
Employees save between 10%-50% of their time through automated processes. Automation helps reduce the time required to process invoices. Financial closing and reconciliation are also seamless with invoice processing and accounting automation. Your finance team will no longer have to cross-reference records.
Avoids Processing Errors
Manual data processing often leads to costly errors for your business. Reasons for errors could be anything from distractions to heavy workloads. An automated system is repeatable and performs tasks without any errors. It is also scalable, allowing you to process heaps of data at once. 31% of business leaders in a survey also agreed that automation helps them save costs.
Improves Team Productivity
Manual processing makes your team work on menial tasks that do not add much value to the bottom line. Automating these activities helps them concentrate on areas where more human attention is essential. It will also help your employees make the best use of their skills.
Enables Easy Accessibility
Automating the invoice process helps eliminate tedious paperwork. Your finance team and other stakeholders can access electronic records of invoices from anywhere. It improves communication and collaboration, leading to faster work completion.
Provides a Single Source of Truth
The automation system provides a transparent platform with a complete overview of the invoicing process. There will be no missed documents or erroneous entries that affect the team productivity. Everyone remains on the same page with a single source of truth.
Improves Collaboration and Relationship
Invoice automation software helps your internal teams collaborate better with finance. It also gives everyone the autonomy to execute tasks with well-defined workflows. Paying your vendors timely also strengthens your relationship and improves your market reputation.
Automate your Invoice Processing Systems with VisionERA Today
VisionERA is an AI-powered system that acts as a catalyst for enabling data-driven decision-making and offering uninterrupted business growth. It is transforming document-heavy logistics businesses with advanced HI-AI collaboration.
Built with a continuous feedback learning mechanism, the software offers complete sophistication and customization for your unique business needs. It gives seamless plug-and-play functionality with additional drag-and-drop features that your team will love.
Logistics businesses that use VisionERA process invoice upto 20x faster and with excellent accuracy. They also experience upto 3x productivity or more with the help of integrations with RPA (robotic process automation) tools.
Get a product demo today to witness VisionERA in action by clicking on the CTA below.
Automate Invoice Data Capture!