5 Reasons Why You Should Automate Your Invoicing in 2023
Being able to properly process invoices is a vital part of running any business, and in the construction industry the number of monthly invoices that need processing can be very high. Having to manually process these invoices can be a time-consuming and costly solution, especially when having to individually match invoices to a contract.
With the advancement of construction software solutions and their integration, there is a noticeable advantage to moving away from a lengthy manual process and adopting a simple, efficient digital approach. Read on to discover some of the benefits of a dedicated invoicing software module and why you should take the steps to bring your invoicing up to speed with the rest of your business.
Automatically capture invoices
The need for receiving paper invoices is now a thing of the past as PDF, TIF and JPG invoices can be sent directly to the Evolution Mx system via a dedicated email address - just give this email address to your suppliers. Don’t worry about everything received by email going into the invoice register – these can be filtered out by type or can simply be marked as ‘Invalid’.
Keep correspondence all in one place
With an integrated software designed for your business, you can see all email correspondence relating to an invoice in one place, with the ability to communicate directly back to the supplier. This not only provides vital clarity, but saves time when needing any context on an invoice.
Remote authorisation of invoices
You can streamline your workflow and digitally delegate with the ability to assign invoices to other users for authorisation. When an invoice is assigned, the user will then receive an email notification and subsequent reminders. These invoices can be authorised remotely by clicking the link in the email, which then opens Evolution Mx in a web browser. Workflow controls/ authorisation requirements can also be automated based on transaction values, and can involve multi-tiered sign offs, if required.
Available with OCR Technology
When it comes to saving time processing invoices you can go one step further and employ optical character recognition (OCR) software to automatically key in the data from your invoice into your accounting system.
OCR technology recognises text characters in digital documents. This means that everything is 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 this also means that you can
- Reduce human-error
- Automatically detect issues with invoices (such as overpayment or incorrect quantities)
- Avoid mis-placed or undelivered Invoices
- Add context, notes and clarity to help improve relationships with suppliers
- Allow your teams to focus on other tasks
With our Subcontractor Invoice Register module, you can receive subcontractor invoices directly into the Evolution Mx system. Much like your supplier or purchase invoices, you can eliminate the tedious printing and scanning of subcontractor invoices by your team, consolidate your data and ensure everyone is paid on time.
In addition, with our sticky notes feature you can add your own notes on top of images. This provides a convenient way to add notes/ sign off queries/approvals all in one place. Even if your time is limited you can part process and save, returning at a later date to amend
In a massive advancement for productivity, our subcontractor module allows you to record retentions, CITB, discounts & more when allocating and analysing costs of a subcontractor invoice. There is an array of variables to take into account and these can include retentions, CITB, discounts, Tax, VAT and Contra. As well as being able to factor them in individually, the software can apply any defaults that have been set up, for the subcontractor, against the relevant Work Category.
If your construction business is looking to automate and improve your invoice processing, or simply bring your operations up to date, then Integrity Software’s Invoice Register or Subcontract Invoice Register might be the right solution for you. Book your demo today.