Opt for Magic Invoice and Bid Your Invoice Processing Woes Adieu!

There are several elements that are distinct to different types of businesses. However, almost all types of businesses across sectors have certain common elements. One such common element is invoice processing. If an organisation is engaged in the sale and/or purchase of any kind of goods and/or services, it would inevitably have invoices and require a system to process them.

Although traditionally managed through a mechanism largely centred around manual recording, verification, and processing of invoices, the system has undergone a drastic transformation over the past few decades. With the introduction of digitalisation in almost all operational facets of businesses, the approach to invoice processing has also evolved by leaps and bounds. Gone are the days of manual invoice processing! This is the age of Automated Invoice Processing that is largely error-free, time-efficient, and cost-effective.

As conventional approaches to invoice processing have gradually been replaced by their more efficient digital counterparts, there has been a pivotal enhancement in operational efficiency and a reduction in operational costs of businesses. However, merely adopting an Invoice Automation Software does not necessarily suffice to improve the quality of a business's invoice processing cycle. It is also important to choose the right digital invoice automation system.

Existing Problems in the Digital Invoice Automation Systems

On the surface, it would appear as if digital mechanisms of invoice processing are completely automated and error-free. However, appearances can often be misleading! Here are the lacunae that restrict the potential of a lot of Invoice Automation Softwares.

1. Human involvement can lead to errors: One of the major drawbacks of several digital invoicing solutions is that it requires human intervention at some stage of the process. Whether it is the recording of invoices, their verification, or their final approval, human intervention at any stage of invoice processing increases the chances of human errors.

Ranging from errors of omission to errors of commission, even the slightest of oversights, deliberate and inadvertent alike, can cause the entire algorithm of an invoice processing system to fail. After all, like all digital systems, digital invoice automation systems are also driven by data as an input. If the input is inaccurate, the output will follow suit.

2. Lack of coordination between different ERP softwares used by an organisation: Invoice processing systems are one amongst several digital mechanisms being utilised by modern-day business entities to make their operations as efficient as possible. All of the aforementioned mechanisms serve as cogs in the machine of a business, which is why they must be compatible with each other. However, this is not always the case.

The lack of integration and coordination between the various ERP softwares being used by an organisation can lead to clutter and confusion. With several Invoice Automation Softwares not being compatible with the other digital solutions being employed by an organisation, it is challenging for businesses to reach an accurate and coordinated output.

Switch To Magic Invoice and Experience No Touch Invoice Processing!

With the possibility of a multitude of lacunae that can render even the most well-designed digital invoice software ineffectual, you must choose your invoice processing software with great mindfulness. This is where Magic Invoice comes into the picture! With our Email2ERP software, Magic Invoice can help your business seamlessly ingest, classify, capture, verify, and approve invoices without so much as an ounce of human involvement.

At Magic Invoice, we offer you a comprehensive no touch invoice processing system that is driven by our proprietary Cognitive Data Relationship Graph (CDR) Technology. Powered by 5 algorithms, our CDR technology is nothing short of a game-changer in digital invoice processing. So what are you waiting for? Switch to Magic Invoice now!

With features such as line item table capture and multiple page line item detection, your business can benefit from an 80% reduction in the time taken for invoice processing. Furthermore, our AI data extraction software can lead to a 60% fall in your business's operational costs.

With our AI/ML Intelligent Document Processing and Cognitive Data Capture Solution, Intellect Magic Invoice can not only make your invoice processing efficient and error-free, but it can also save you cost and time in terms of human resources that can be employed in other tasks. Bid farewell to your invoice processing woes and bring the magic of Magic Invoice into your business.