Benefits of Automating Invoice Processing in Construction
Invoice processing is the way a company manages receiving and paying incoming invoices. Due to the nature of the construction industry the number of monthly invoices that need processing can be very high.
Manually processing invoices can be a time-consuming and costly method, especially when having to match invoices to a contract.
With advancements in construction software there are new ways to process invoices, moving away from these manual methods. By investing in construction technology, you can begin to speed up your invoice processing.
Read on to find out more about the benefits of automating invoice processing for your construction business.
Recently, more construction businesses are receiving their invoices by email instead of by post. By being able to process these directly from an email, this eliminates any time being spent sorting through the post and scanning invoices into your system. It also helps reduce paper usage and removes the need for physical document storage.
Using software like Integrity Software’s Invoice Register will mean any invoice received via email will be automatically entered into the accounting system. This massively speeds up the invoice processing time as there is no need for scanning or uploading the invoice and with there being no physical copy there is no need to destroy or store anything.
When it comes to saving time processing invoices you can even go one step further and employ optical character recognition (OCR) software to key in the data from your invoice into your accounting system.
OCR technology recognises text characters in digital documents. This means that the information the invoice contains can be automatically entered into the accounting system, without you having to do anything except approve it.
Integrity Software’s Invoice Register is available with an OCR add on, meaning you can further reduce the time spent processing your construction business’ invoices.
By receiving invoices by email and utilizing OCR technology you can drastically reduce the time your teams spend processing invoices, but there are a few more benefits to automating your invoice processing too:
- Reduces human-error
- Software can detect issues with invoices (such as overpayment or incorrect quantities)
- Invoices can not be mis-placed or undelivered
- Helps ensure you pay all invoices on time which can improve relationships with suppliers
- Allows your teams to focus on other tasks
If your construction business is looking to automate your invoice processing, saving you both time and money, then Integrity Software’s Invoice Register might be the right solution.
To see our Invoice Register software in more detail then please get in touch and book a free, no-obligation demo today.