Digitalise Your Invoice Processing And Transform Your Business

If there is one thing that has helped businesses grow in scope and access a wider capacity, it is the sale and purchase of goods and services on credit. With the facility of credit lines, businesses can manage their liquidity better and make optimum utilisation of their resources. Several key facets of a business get affected by the utilisation of the facility of credit, one of which is the Accounts Payable section.

The recording, processing, and payment of the invoices received by a business, also referred to as invoice processing, is an integral aspect of a modern-day enterprise. For every product and/or service that is purchased or procured on credit, there is an associated invoice that is payable on a certain date. Invoice processing is a comprehensive task that involves several departments of an organisation, for instance, the purchasing department, the production department, and the Accounts Payable department.

Why Is The Traditional Method of Invoice Processing Costly?

The traditional method of invoice processing, which largely entails the manual recording, verification, and clearance of invoices is ridden with several lacunae, including errors of omission, engagement of a large number of resources, high cost of processing, delay in payments to vendors, failure to comply with tax litigations, etc. All of these factors lead to a high operational cost for a business as well as a corresponding low operational efficiency. The delay in payments can result in severe damage to a business's relationships with its supply chain partners.

How Automated Invoicing Processing Is Transforming Businesses and Governmental Operations

There are several companies that have adopted digital invoice automation systems and brought about a significant positive transformation in their operational efficiency. And it is not only corporate entities that have tapped the potential of digital invoicing. Governments across the globe have also been adopting Invoice Automation Software to enhance their operational efficiency. Here are some examples of the positive impact generated by digital invoice processing.

1. Rise in tax revenue: Latin American nations, including Brazil, Mexico, and Chile, led the adoption of digital invoicing in the region. In the year 2014, the aforementioned countries made it mandatory for all B2B transactions to be recorded as digital invoices. As a result, Mexico registered a 34% rise in its tax revenue.

2. Enhancement in savings for the European Union: In 2014, it was decided by the European Parliament to mandate electronic invoicing in various fields of public administration. The consequent impact was both drastic and measurable in monetary terms. According to the European Commission, the move to digital invoicing resulted in savings to the tune of €2.3 billion.

3. Better tax compliance and transparency with mandatory e-invoicing in India: All businesses in India with a turnover exceeding Rs. 500 crores are now required to adopt digital invoicing. The switch to electronic invoice processing has led to improvements in tax compliance and ushered in a higher degree of transparency in the way businesses handle their Accounts Payable.

Switch to Automated Invoice Processing and Experience the Magic of Magic Invoice

The easiest way to address the challenges that are inherent to the traditional approach to invoice processing is the adoption of a digital invoice automation system. Magic Invoice is a no-touch invoice processing system that can help you revolutionise the end-to-end process of invoice processing at your organisation and improve operational efficiency. With the application of our CDR (Cognitive Data Relationship) Graph Technology, the processing of your invoices shall become easy and effortless.

If you are wondering why you ought to adopt an Invoice Automation Software in your business, then here are some of the many benefits of Magic Invoice.

1. No Touch Processing of Invoices: With the application of Magic Invoice, your invoices shall get recorded directly from the emails they arrive in. Our AI data extraction system enables the line item table capture of all the important data points in an invoice and their accurate recording. Therefore, there is next to no chance of any errors of omission.

2. Seamless verification of invoices: Our AI/ML enabled intelligent document processing mechanism is critical to the recording of all the aspects of an invoice and its subsequent authentication. It is critical to ensure that each line item in an invoice matches the corresponding original transaction, including data points such as date, quantity, and amount. With our multiple page line item detection software, you can be assured that each part of an invoice shall be adequately recorded and verified in a timely manner.

3. Integration with different business systems: Not only can Magic Invoice help you solve your invoice processing woes, it can also serve as an integrated system that is compatible with the different ERPs and CRM being utilised in your organisation. From the receipt of an email containing an invoice to its final payment by the Accounts Payable department, all the facets of invoice processing are covered by our cognitive data capture solution.

4. Timely settlement of invoices: With the efficient recording, authentication, and approval of invoices, their timely payment becomes possible. This can help your business establish and retain a healthy collaborative association with different vendors. The timely receipt of their dues from your business is an excellent value addition for the vendors as well.

5. Reduced cost and higher efficiency: The adoption of an automated invoice processing system can be a harbinger of positive transformation for your business, and generate results that are not only substantial but also tangible. With the application of Magic Invoice, you can achieve up to a 60% reduction in the business's operational cost. In addition to this, you can benefit from an 80% decline in the time taken for invoice processing. These savings in terms of time and cost can help you optimise your resources and make better utilisation of them.

Switch to Magic Invoice now and benefit from the digitalisation of your business's invoice processing.