3 Benefits of Using Scan to E-Invoice Services with AP Automation
There are many benefits for businesses to adopt AP automation solutions, yet sometimes it’s the small benefits that make the difference in their decision to transition to e-invoicing. Ultimately, when day-to-day workflows are noticeably streamlined, this is when owners and managers take notice of the e-invoice services and benefits of AP automation.
Let’s discuss one of these small benefits more by looking at 3 benefits of using scan to e-invoice services with AP automation.
Eliminates Paper Invoice Processing
Scan to e-invoice services eliminate the need for businesses to manually process paper invoices. This accommodates suppliers who haven’t been onboarded into AP automation solutions – iPayables uses a browser-based solution and onboards suppliers for free.
Just because a business adopts AP automation software doesn’t mean every supplier will stop sending paper invoices. With 59% of B2B payments being made electronically, this means 41% are still made using manual processes (data from Payables Place).
Scan to e-invoice services are the solution for businesses to fully eliminate paper invoice processing; suppliers simply send their paper invoices to the service, which then scans the paper invoice and uploads the electronic copy into the buyer’s AP automation workflow.
According to a PYMTS.com article called: “As Audits Loom, AP Automation Moves To Top of Mind”, written on February 19th, 2018, we learn:
“…there are two drivers that help spur movement toward AP automation. One is that when deploying technology, savings on labor costs are significant, to the tune of 80 percent.”
When manual processing of paper invoices is eliminated, businesses will save significantly on labor costs. Manually receiving, uploading, organizing, storing, and referencing paper invoices is eliminated with AP automation and scan to e-invoice services.
Keep the Same Suppliers
Insight from The State of ePayables 2018 report is shared on another article found on PYMNTS.com called: “What Separates Top Accounts Payable Performers From the Rest”, written on July 3rd, 2018, as it explains:
“Top performers spend five times less than the rest of the surveyed businesses to process an invoice, and processing times are two-and-a-half times faster, the report found.”
When businesses adopt AP automation solutions they expect to see these kinds of results, yet what if half of their suppliers still need or prefer to send paper invoices? By using scan to e-invoice services, businesses can accommodate these suppliers while still optimally streamlining their AP processes.
While it would be better for suppliers to onboard with AP automation solutions so businesses can benefit from dynamic discounting and even quicker processing times, scan to e-invoicing does make it possible for businesses to keep the same suppliers while still improving processing times and eliminating manual redundancies.
Increased Invoice Visibility for Buyers and Suppliers
When paper invoices are scanned and integrated into AP automation processes, both buyers and suppliers can view and manage their accounts through a central location online. Cloud-based e-invoicing software brings clarity and visibility into the invoice life-cycle for both buyers and sellers.
Scan to e-invoice services help keep invoice processes simple and streamlined; buyers can alleviate themselves of the laborious process of receiving, sorting, uploading, and storing paper invoices. Outsourcing this step in the AP automation upgrade process also reduces invoice exceptions, as the second PYMNTS.com article explains:
“Forty-one percent of all survey respondents said the high percentage of invoice exceptions is a top challenge today, while 39 percent of invoice approvals and payments take too long. Too much paper, high invoice processing costs and a lack of visibility into invoice and payment data were also cited by at least a third of survey respondents.”
Conclusion
Scan to e-invoice services enhance the already alluring benefits of using AP automation software for businesses of all sizes and types. Basically, businesses can fully automate their invoicing processes even when a portion of their suppliers send paper invoices. This saves the labor and inefficiencies of manually processing paper invoices, increases invoice visibility, and allows buyers to accommodate their paper invoice suppliers.
iPayables’ scan to e-invoice service (Scan2e) takes care of this important detail for interested clients, as part of our comprehensive suite of AP automation software services. With double-blind keying to ensure greater accuracy, companies find greater confidence in using iPayables for their eInvoicing. Request a demo with us today and get more insight into your invoicing process.