The most glamorous department of your business might not be Accounts Payable. It’s an important component of doing business, though, and you neglect it at your peril. In reality, if left unattended, the worst accounts receivables problems will potentially sink your company. That’s not what you want to happen, particularly because solving such issues is relatively simple. Companies have long understood the potential of using digital invoice processing – why
PDF2XML is relevant if you receive PDF invoices. It’s no surprise to incoming invoices when the invoice amount is gradually rising.
Invoices usually come in a wide range of forms in a business. Either as a folder or as a PDF attached to an email. Not only does tracking these incoming invoices manually indicate an immense time commitment, but also increases costs. Both are minimized by an incoming e-invoicing delivery solution to a minimum. PDF2XML service is such an interface into your corporate processes that can simplify your account department’s invoicing process and benefit you in many ways.
Digital
invoice processing software helps you to manage your accounts payable successfully without any hassle.
Here’s how PDF2XML’s digital invoicing system can help you effectively manage your invoice management-
Saves Time
Automation will take the invoice delivery time down from 20.8 to 3.8 days, according to a report by Aberdeen. For most businesses, finding some way to save time is a must. Many of the reasons for shortening the AP process with an electronic system are client deadlines, customers wanting to be paid on schedule, purchase orders, and getting enough money in the bank.
Unnecessary costs and complications are added to the AP process by invoices obtained in standard email or paper format. Records must be organized, routed, opened, often checked, and keyed into the AP system for invoices received via mail. Documents should be saved, stored, and, based on the method in place, possibly printed and keyed for invoices obtained by email where there is no front-end imaging or automated data extraction technology in place. With PDF2XML integration, you get invoices in electronic format makes it easier for your business to conduct automatic data capture and facilitate touch-less handling or reduce human interference in bringing the information for payment to your ERP systems.
Convenience
With our fully-fledged PDF2XML, all AP department employees, including executives and accountants, are able to comfortably track the invoice digitally via the framework. In fact, at any point in the process, all employees with authorized AP system access can retrieve, display, print, and share a document. The manager will then make recommendations, evaluate, and accept the invoice easily.
Our system removes the need to submit invoices for clearance via interoffice mail or email, as well as handwritten permissions or invoice payment directions. Besides, receiving and keeping the records such as order confirmations becomes much simpler.
Automated Matching
The matching of an invoice and the relevant documentation in the procurement-to-pay lifecycle is among the most nuanced validations carried out. However, automation will greatly reduce the costs, precision, and time needed for validation. The main feature of an e-invoicing solution like PDF2XML should be the method of matching the contracts, PO, invoice, and a note of delivery of goods.
Operational Efficiency
Regardless of the extent of automation, it lowers costs and improves productivity by increasing the amount of data an invoice spends in someone’s lap. Employees were able to go from handling 930 POs every month to 3,647 as businesses moved from a low degree of automation to a high level. In reality, enforcement issues and manual mistakes may also be minimized by automation. A digital framework has data authentication and quality assurance capabilities that are built-in along with providing credit notes without any error.
Eliminating late payments: Late payments are a major issue for many organizations, resulting from lost invoices, invoices held up in a manual system with hard-to-identify bottlenecks, or a hard-pressed AP team unable to locate information to resolve queries. Whatever the reason, the government is taking an increasingly stringent line on this issue.
On the recent release of his department’s paper Building a Responsible Payment Culture Vince Cable, Secretary of State for Business, Innovation and Skills, said, “The government has taken action to create a responsible payment culture but we need to go further. We will now make it compulsory for large companies to publish information about their payment practices so that those who are not playing fair can be held accountable.” With invoice automation software, you can overcome this issue.
Well-stable relationship with Vendors and Suppliers
It’s just common business sense to maintain healthy relationships with distributors, manufacturers, contractors, and other entities to whom your business owes money. Faster delivery of invoices ensures that they are compensated faster, which is often helpful for relationship development. Whether or not you have reputable suppliers who fill your orders will make or break your business, based on which business you are in. It’s better for them to be happy.
Our auto-processing tool,
PDF2XML for invoices, will also help you to boost customer service. With AP Automation Tools from HubBroker, you now can set up a vendor portal that helps your vendors to verify the status of their own invoices. They did not have to take the time to make a phone call and contact the payable branch in your accounts in the expectation that someone would be available to immediately address their concerns. They should simply ask for the answer themselves.
When you simplify the accounts payable department and speed up invoice processing, you make it smoother for the people with whom the organization does business.
Improved Cash Management
In AP schemes, paper or e-mail-based invoices take longer to become available. Documents such as delivery notes dependent on paper and e-mail often have a better risk of being lost in the acceptance process. Cash managers lack the detailed details required for forecasts without the exposure of invoices in the approval process. A large invoice, which is not realized until immediately before payment by a treasury agency, could result in a substantial cash deficit compared to the estimate. As a consequence, at a comparatively expensive premium, a corporation could need to raise funds at the last minute.
HubBroker offers an efficient PDF2XML solution that helps you easily manage all PDF2XML so PDF files become digital files. After the conversion, the software also imports these files automatically to the ERP system.
