When a company scales and grows its customer base, invoicing becomes more taxing than ever. While manual processing may seem feasible when the number of transactions are small, the tedious process can quickly become overwhelming when your organisation grows. What’s worse, when teams try to process this quickly, it often results in more mistakes made. Having to find and rectify these errors takes more time, leading to late payments, penalties or duplicate payments.
If these issues sound familiar to you, your organisation is ripe for a digital transformation. To help manage transactions, an Invoice Management System (IMS) could help with your billing.
Benefits of Invoice Management Systems
1. Find discrepancies and reduce cost
An IMS can compare orders and invoices, and identify discrepancies so manual errors and lost invoices can be avoided, which speeds up payment cycles.
Digitalising makes processing invoices easier and reduces the cost per invoice by nearly half! From an average of $7.60 with little automation, to an average of $3.40 with significant automation.
2. Single source of truth to reduce effort
Digitalising your process will also provide visibility to invoice information across departments. With a single-point management system like TenderBoard, data integrity improves, leading to stronger governance and improved compliance to help users make informed spend decisions.
3. Automate invoice workflows to reduce turnaround time
With automation, invoices can be automatically sent and tracked through approval workflows. Thus, removing the need to manually process not just paper invoices, but piles of documents that come with it. Tracking everything digitally leads to timely payment processing, tighter cashflow control and clear audit trails.
With Invoice Management Systems, digitalising and automating invoice processes removes most of the manual work and improve payment cycles, giving your team back their time to focus on higher-value tasks.
On TenderBoard, our Invoice Management System connects directly to your purchases on the platform and integrates with 3rd-party ERP or accounting systems, providing a seamless workflow experience across procurement and finance teams. We’ve seen that true cooperation between procurement and finance yields greater cost savings, enhances processes, and improves compliance, and TenderBoard can help bridge the gap.
If you’re interested to learn more, just hit the contact us button to send us your contact information and we’ll reach out to you! Or if you have questions, connect with us directly at firstname.lastname@example.org or dial us at 98624651.