Businesses today encounter a multitude of challenges, both internally and externally, while navigating the path to success. While a business must have a whole range of tools and strategies at its disposal to overcome these obstacles and thrive in the face of disruption, introducing streamlined and effective internal finance processes can go a long way to supporting business growth.
Here are six reasons why finance leaders should consider implementing digital invoice management to improve invoicing processes.
1. Faster invoice capture
A digital invoice manager will enable you to capture invoice information and automatically classify by data captured.
2. Reduced storage costs
While crucial office space is often occupied by storage equipment housing paper invoices, eliminating the need for paper will free up that space and replace all invoices with digital copies.
3. Search retrieval made easy
With invoices stored digitally, no longer will you have to spend vital minutes of your time looking for the correct invoice. A digital system will allow you to search, retrieve and access the right information in seconds.
4. Enhanced filing security
A digital manager enhances the security of your documents. Digital copies can be recovered in the case of disasters and can be kept more securely than paper invoices.
5. Easy access
By giving certain employees authorised access to invoice information, individuals no longer have to be physically present to access data. In a business world where staff members are on the move, employees can access digital invoices via a web browser anywhere at any time.
6. Improved regulatory compliance
With a digital invoice manager, you can create an audit trail that is fully compliant with HMRC regulations for storing digital invoices, eliminating your regulatory compliance concerns.
How it works
With invoices scanned on arrival and indexed according to data captured, finance teams can easily retrieve the invoices at a later data through easy searching and system extraction. As invoices are stored in a structured digital library, information can be accessed quickly – all in accordance with HMRC audit guidelines.
The overall advantages for a business are reduced costs, improved efficiency, adherence with compliance regulations and effective communication with suppliers and auditors – all benefits that enable your company to overcome challenges and fuel business growth.
Invoice Manager by Neopost is a modular blend of scanning, indexing and management technology. Find out more about how you can improve your invoice processes and drive business success with Invoice Manager.