What Is Touchless Invoice Processing?
Touchless Invoice processing is getting rid of paper invoices using technology. It is a process of offering automated solutions that yield tremendous savings and ROI. It helps you to eliminate human error which often results in a mismatch of the purchase order. Eventually helps to improve the business processes to function efficiently. Touchless invoice processing eliminates the manual input requirements, that are traditional in Automated Processing.
When you implement Touchless invoice processing all invoices are digitized, routed, matched approved, and ultimately processed without any manual input and a single piece of paper being passed around.
The benefit of touchless invoice processing is that all invoices are digitized, routed, matched approved, and ultimately processed without any manual input without a single piece of paper being passed around.
Here are some cost-justifying and convincing reasons in detail explaining why invoice automation is crucial:
Benefits of Touchless Invoicing Processing
- It helps you yield a tremendous savings and ROI
- It helps you to issue supplier invoices to the correct approvers
- Prevent late fees due to slow processing speeds
- Process invoices without any manual intervention
- Automated invoice matching process against purchase orders and receivers
- Eliminate paper invoices
How Does Touchless Invoice Processing Work?
When you invest in infrastructure for the touchless invoice process, there’s a two or three-way match. Digitized invoice data is used, along with a PO and any other data. Then, transactions are measured against criteria like Invoice Date, Vendor ID, and total. Acceptable levels are set so that any variances can be matched up against them, and then if invoices do need further processing, they can be appropriately routed.
There’s also the provision of statistics and data regarding the process itself, so it can be refined and changed when needed. This will help you get an accurate analysis of financials than repetitive manual work, which is time confusing. The data is captured through these automated processes for important decision-making organization-wide.
Want to Achieve Excellence in Digital Invoice Processing Automation?
When you choose the right eInvoicing solution and provider, your travel business will not only just save time and money, it will provide a robust powerhouse of financial data that will help your organization respond to the ever-changing market conditions.
Systrix, which is a leading travel software automation provider offers Smart Travel Accounting System which provides invoice automation solutions designed to maximize touchless, processing, especially for travel businesses. For more details check out Travel accounting system