Why should you consider Automated Invoice Processing?

With the capacity to transfer cash from anywhere at the press of a button, the risk of falling for false invoices and banking information is significant in the corporate world. Many business owners have lost a significant amount of money due to this, which is why you should use a security protocol while transferring payments. Using automated invoice processing is one of the greatest strategies to avoid such fraudulent acts. The system will only send funds to pre-authorized addresses and never send a new or unusual-looking invoice. Before moving large sums of money to clients or suppliers, double-check banking information. You should also be mindful about signing up for services from a foreign firm. With so many distinct phases in the payment process for handling invoices – and even small firms might have hundreds or thousands each month – it’s clear to see how relying on a manual invoicing process adds so much time, worker hours, and the risk of human error and blunders. The cost to enterprises can be both financial and reputational (internal and external). FairFigure provides you with clear instructions on how to submit this. Best-in-class companies utilise invoice process automation to maximise savings and expenditure control, improve user experiences, raise productivity and efficiency, and maintain company continuity during times of interruption.

Why should you consider Fairfigure for automated invoice processing?

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Fairfigure should be considered for automated invoice processing. Rather than relying on dedicated staff (or teams) to manage paper invoices, automated invoice processing software assists AP teams by extracting invoice data and integrating it with the company ERP system (such as SAP) and accounting systems, as well as financial and other systems; automatically codes each invoice with the correct general ledger (or other) designation; conducts three-way matching to ensure that each invoice matches the required PO and receiving information. Manual data input and processing are reduced or eliminated along the way, speeding up the whole process and lowering the per-invoice cost – frequently significantly. Fairfigure helps in the following ways to provide with best solutions:

Improve supplier collaboration for speedier onboarding and resolution of errors.

Accelerate invoice processing, validation, and approval to increase efficiency while lowering operational costs.

Reduce or eliminate the use of paper and manual mistakes.

Improve and simplify invoice, purchase order, and receiving report matching.

Improved identification of matching mode details – how supplier invoices were matched and invoices produced Payable receptivity