How To: Process Invoices Quicker
For large construction businesses undertaking many large projects at the same time, processing hundreds - or even thousands - of supplier invoices every month is a huge task in itself. So what can you do to help cut the time your team spends processing them? Read on to find out.
Receive invoices by email
One of the most fundamental ways businesses can save time when it comes to invoice processing is by receiving supplier invoices by email instead of by post.
Receiving invoices in this way not only eliminates time spent sorting through the post and scanning invoices into your system, but also reduces paper wastage too. This helps your business to reduce paper wastage and remove the need for physical document storage.
Something as simple as asking your suppliers to send their invoices via email will save both time and resources for both parties.
Using software like Integrity’s Invoice Register will mean email received invoices are automatically entered into the accounting system. No drag and drop. No uploading. They will simply be there in the system the moment they are received into that dedicated email inbox.
Just by receiving invoices by email with the Invoice Register module you will have saved the time spent receiving and sorting through post, scanning invoices and then destroying or storing the paper copy; and that’s just for 1 invoice. Imagine how much time could be saved if your company receives hundreds of invoice a month. That adds up to a huge time saving, straight onto your bottom line.
Take advantage of optical character recognition software
When it comes to saving time processing invoices you can even go one step further and employ state of the art optical character recognition software to key in the data from your invoice into your accounting system.
OCR is technology which recognises text characters in digital documents. This removes the need for somebody to go through an invoice and enter the information it contains into the accounting system; with OCR this is done automatically.
Integrity’s Invoice Register is available with an add-on OCR option, so your team can drastically cut the time spent processing supplier invoices.
We have customers using this software who are saving approximately 5 minutes per invoice, translating to around 8 hours a week (depending on the volume of invoices currently being received). That is a huge amount of time that could make an incredible difference to large construction businesses.
Conclusion: Talk to Integrity about our Invoice Register software
If your business is looking for the marginal gains that could help improve your bottom line and get ahead of your competitors, the time-saving will be high up on your list of priorities. See exactly how Integrity’s Invoice Register software could help your construction business dramatically decrease the amount of time your accounts team spends processing invoices.
Ask us to arrange a web demonstration of our software. Call us on 03454 403040 or email firstname.lastname@example.org