Getting invoice processing right is essential to maintaining cash flow and keeping the books in order. However, manually processing invoices can be a time-consuming and error-prone task, which is why many companies are turning to automated invoice processing. 

Why Finance Leaders Are Transitioning to Automated Invoice Processing

What sets the best-automated invoice processing software apart? Three key factors distinguish top performers from the rest.

How to Select the Best Automated Invoice Processing Software

1. Seamless Integration with ERP or Financial Systems
The software should integrate effortlessly with your business’s existing ERP or financial systems. Investing in a solution that complements your current setup is crucial; otherwise, you might face cumbersome workarounds or costly restructuring.

2. User-Friendly Experience and Training Requirements
Adopting new software often requires a learning curve for staff, and some tools may demand extensive training, taking weeks or months to master. To ensure a smooth transition, choose an intuitive and easy solution for both junior and senior team members to navigate.

3. Security and Fraud Protection
The best-automated invoice processing software must prioritize security. Any finance solution should minimize fraud risks while enhancing the visibility and trustworthiness of payments. It’s important to confirm that the software undergoes regular testing and updates to safeguard against new vulnerabilities.

We’ve written an interesting article about fraud here: Combating Financial Fraud

Automated invoice processing can save time and reduce the risk of errors, but implementing an automated system can initially seem daunting. Here, we’ll walk you through the steps of implementing automated invoice processing in your business. 

Step 1: Assess your current process 

Assessing your current process is important before you begin implementing an automated invoice processing system. Take a close look at your current workflow and identify any inefficiencies, bottlenecks, or areas where errors are likely to occur. This will help you identify the areas where an automated system could make the most significant impact. 

Step 2: Choose your invoice processing software 

Once you’ve identified the areas where an automated system could significantly impact you, it’s time to choose the automated invoice processing software. It’s important to choose one that is tailored to your business’s specific needs.

When evaluating invoice processing software, consider factors such as: 

• Integration with your existing accounting software 
• Customisability and flexibility 
• Ease of use 
• Security and data privacy 
• Customer support and training 

Step 3: Configure the software 

Once you’ve chosen the software, the next step is configuring it to meet your business’s specific needs. This may involve setting up workflows, customising fields and data entry requirements, and configuring integration with your existing accounting software. 

Pay close attention to the details during the configuration process. Ensure that the software is set up to meet your business’s specific needs. This may require input from multiple stakeholders, including accounting staff, IT staff, and department managers. 

Step 4: Train staff 

Once the software is configured, it is important to train staff on how to use it correctly. This may involve providing training sessions or creating documentation and tutorials to help staff get up to speed on the new system. Providing ongoing support to ensure staff feel comfortable using the new system. 

Step 5: Test the system 

Before fully implementing the new system, it’s important to test it thoroughly. This may involve running a pilot program with a small group of staff or testing the system with a small number of invoices. 

During the testing phase, it’s important to identify any issues or bugs and address them before fully implementing the new system. 

Step 6: Implement the system 

Once the system has been thoroughly tested, it’s time to implement it fully. This may involve migrating data from the old system to the new system, training additional staff, and making any final adjustments to the configuration. 

During the implementation phase, it’s important to communicate clearly with staff about the changes and how they will be affected. It’s also important to provide ongoing support to ensure the transition to the new system goes smoothly. 

Step 7: Monitor and optimise 

Once the new system is fully implemented, it is important to monitor its performance and optimise it as needed. This may involve analysing data and identifying areas where the system can be further streamlined or improved. 

By continually monitoring and optimising the automated invoice processing, you can ensure that it continues to meet your business’s needs and provides maximum benefits in terms of improved workflow and reduced risk of errors.