Invoicing is still a manual process for most companies, to the disappointment of financial departments. Switching to digital invoicing has the potential of many benefits, such as increased productivity, financial savings and job satisfaction.
Invoicing today
At present, invoicing is still a mostly manual process. Some call it the “Achilles heel” of finance, that is desperately trying to keep up with the digital transformation of companies.
In terms of digital maturity, two figures are particularly striking:
Finance has a major challenge on its hands. It is not only one of the most reluctant departments to accept this digital transformation, but also the one where it is most needed.
With this in mind, a main objective emerges for 85% of survey respondents: to accelerate and improve manual processes.
Data entry of invoice and bills is probably the Data entry of invoice and bills is probably the first step in any accounting process. Even today, many organisations do it manually. Manual operations are prone to introducing errors resulting in unnecessary rework
Some organizations see manual data entry as a cheap way of processing documents. They don’t need to bother with the costs of software implementation, deployment, and maintenance. There’s no need to train employees to use new programs, since data entry is something that anyone with a brain, an eye, and a finger can do. You don’t even have to hire new staff or outsource the task – just add it to a few people’s to-do-lists. It’s so easy, you can do it yourself!
This is where we enter the territory of diminishing returns. The more manual data entry your company is doing, the more it’s costing you over time.
Good Reason To Bring Digitization in Accounts Payable Process