Automated software allows for businesses to streamline the process of generating bills. This not only helps lower labor costs, but can also improve the relations between a business and its suppliers. Also, automated invoicing allows for those submitting a bill of sale or paying invoices to accidentally miss a bill of sale or pay a bill twice.
However, not all automated online invoicing software is created equally and there are certain features you should be looking for when selecting a program for your firm.
When selecting an automated billing solution, find out if a free trial is available. By receiving a free trial, you will be able to determine if the billing solution has all of the features that you are looking for in this type of program.
Interpreting, Scanning and Filing Automatically
Great automated invoice software allows for automation of the interpreting, scanning and filing of data. To ensure vendor compliance, the best solutions matches purchase orders to records of received goods and services. This makes it easier to ensure vendor compliance and also helps save time.
Country-Specific and Region-Specific Profiles
To make the automation of invoicing much easier, the best software programs allow for country-specific and region-specific profiles. This is helpful when automating:
- VAT rates
- Date formats
- Currency characters
The best automated invoicing software works right out of the box and is easy to install. It is important to make sure that the software is compatible with the operating system that your company has installed.
Great automated software programs allow for constant visibility of an invoice’s status. The bill is captured immediately at the time of arrival regardless of the bill’s format. They are queued immediately for processing while being fully visible to your staff.
Self-Learning Capture Technology
Some of the most advanced automated software programs come with self-learning capture technology that increases the recognition capabilities of the software program.
Integration with Other ERP Systems
Check whether the software seamlessly integrates with other third party tools such as Microsoft Dynamics AX, SAP, Oracle E-Business Suite and various other ERP systems. This will allow your firm to avoid having to use a new ERP system.
Minimal Data Entry Required
There are some automated software programs that are inefficient and that requires data entry that can take up a lot of time. When selecting a software program, inquire about the average amount of time that it takes for data entry in order to determine whether a particular solution will save time or will simply create more work for your firm. Less data entry means fewer costly mistakes and less labor costs.
Bills Routed to The Right People
Another way to avoid errors is to select automated software that routes bills to those who have authority to approve of the bills of sale. This allows for your firm to avoid the issue of misplaced or mishandled invoices.
Great software programs allow for customization of the workflow both for billing and purchase requisitions. This allows you to take control of routine processes and manage them better in order to increase productivity and lower costs.
Automation of Vendor Payments
Most automated software programs provide a method to automate vendor payments through use of checks credit cards and ACH. This allows for labor to be diverted to other tasks.
Many firms are concerned about switching to an automated invoice software program from a paper-based system because they are concerned that they will need to change how they engage in accounting. However, the best automated invoice software program for your company will not change your accounting processes, but will instead optimize them.