Invoice automation can help companies save money by boosting order accuracy by 70%, cutting late payments by 80%, and reducing outstanding payments by 30%. Moving to paperless invoice processing can be challenging due to the large volume of paper invoices, though it provides benefits like remote access and easier decision making for employees. While higher education has been slow to adopt invoice automation, businesses recognize advantages like improved customer service and lower processing costs.

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THE ADVANTAGES OF INVOICE AUTOMATION
Many companies are making the move to invoice automation with numbers showing it brings more advantages than disadvantages into the workplace. Invoice automation can help a company save money and makes billing processes easier for employees and customers to handle. Business Wire stated that using cloud-based applications to organize and distribute invoices can boost order accuracy by 70 percent, cut late and overdue payments by 80 percent, and reduce sales outstanding by 30 percent.
According to Image and Data Manager the amount of office invoices are increasing in accounts payable, which makes it much more difficult to organize and track the paper that comes with it.
Dealing with the paperwork
Moving to a paperless environment can be a challenge, however, as the National Journal listed statistics that illustrate the difficulties organizations face. Although 44 percent of invoices arrive in electronic form, 59 percent of them will be made into paper copies. The source claimed 44 percent of percent of organizations are also only 10 percent of the way into their goal of becoming paperless because of this redundancy.
Higher education has been the main industry slow to make the change to document management software, with E-Invoicing Platform mentioning that 86 percent of colleges reported adopting a supplier for document management software as their biggest challenge. On top of that, only 17 percent of colleges see themselves as innovators in invoice automation.

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Why businesses are making the change
In the 2013 AP Automation Study, respondents said that electronic invoice approval workflow was their top priority in 2013. Additionally, 27 percent of respondents also said that it cost $2-$5 to process paper invoices, but this expense was less than that to process electronic invoices.
Remote access to the company's system is also a big plus for a paperless office, as the Forum of Private Business mentioned. Using document management software grants the ability for more than one user to view information from different places. Invoice automation allows for better customer service and simplicity by opening access to all customer data without searching through bulky file cabinets. Information is available instantly at a user's fingertips.
Invoice automation also allows for easier decision-making, as employees are not littered with the distractions that might be there when searching piles of papers for the right invoice. With all of these advantages listed above, making the change to transaction automation may prove to be the best decision for both the company and customer.
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Tags: electronic workflow, Industry News, paperless office, document management software