You may be quite familiar with the proverb “do not fix what isn’t broken.” When it comes to invoicing technology in your business, it’s probably best not to heed this advice. Why? Just because your current software is still up and running doesn’t mean it’s efficient or secure. 

Invoices are important to your business because they help keep a record of your expenses and revenue. If there are any inefficiencies or vulnerabilities in your current invoicing system, you expose your business to financial losses and security issues.

One of the many benefits of moving your invoicing to a document management system is being provided a structure for streamlining and modernising the way you manage financial records. With many features available, from document indexing to workflow automation to document security, this is a great chance to keep the invoicing process on the cutting edge. 

How a document management system benefits invoicing

Keep invoicing digital

If your business is still using manual invoicing methods, you are aware of how time consuming this makes filing, storing and retrieving bills. A document management system clears many unnecessary steps out of the invoicing process. When you receive paper invoices, all you need to do is scan the document using a multifunction printer. The DMS automatically saves the scanned invoice to a digital archive or the document tray of an employee managing the invoices.  

Workflow automation

Making the switch to a DMS can save you time and help you process invoices faster and accurately. When you receive an invoice via email, they will be automatically archived in the system without manual input. Using artificial intelligence, the system recognises and captures all the data printed on invoices. The data is then indexed in a way that allows employees to quickly search and retrieve information they are looking for.   

Automatic approvals 

There are always a series of steps that need to be followed to clear an invoice. A DMS accelerates processing by automatically directing every invoice electronically to designated approvers. From invoice received to payment released, a DMS ensures complete visibility into the status of an invoice, that payments are made in a timely fashion, and that there are no discrepancies. 

Secure storage

It is now more important than ever to ensure the safe handling and storage of invoices. Implementing a DMS will help ease any confidentiality concerns. With features such as encryption, passwords, access controls, you can manage data securely throughout the invoicing process. And since you’re working with digital invoicing, the risk of someone viewing sensitive information left on a desk or paper tray is also reduced. 

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Final takeaway 

If you feel as if your current invoicing software is lagging behind the times and hasn’t been updated for a long time, now is the perfect time to look into a document management system to streamline invoicing management.