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How can invoice processing software reduce costs for Corporate Finance teams?

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Invoice processing is a crucial task for Corporate Finance teams, but it can also be time-consuming, error-prone, and costly. Manual invoice processing involves multiple steps, such as data entry, validation, approval, payment, and reconciliation, that require human intervention and coordination. However, with the advancement of technology, invoice processing software can automate and streamline these steps, reducing costs and improving efficiency for Corporate Finance teams. In this article, we will explore how invoice processing software can benefit Corporate Finance teams in four ways: by saving time, reducing errors, enhancing compliance, and improving cash flow.

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Jeremiah Simi Babasanmi

Founder at Bridger | Helping B2B businesses collect cash faster, better & Predictably ??

1 Saving time

One of the main advantages of invoice processing software is that it can save time for Corporate Finance teams by eliminating or reducing manual tasks. Invoice processing software can scan, capture, and extract data from invoices automatically, without the need for manual data entry. It can also match invoices with purchase orders and contracts, flag discrepancies, and route invoices to the appropriate approvers, without human intervention. By automating these tasks, invoice processing software can speed up the invoice cycle, reduce the workload for staff, and free up time for more value-added activities.

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2 Reducing errors

Another benefit of invoice processing software is that it can reduce errors and improve accuracy in invoice processing. Manual invoice processing is prone to human errors, such as typos, duplicates, missing information, or incorrect calculations, that can lead to payment delays, disputes, penalties, or overpayments. Invoice processing software can prevent or detect these errors by using optical character recognition (OCR), artificial intelligence (AI), and rules-based validation. Invoice processing software can also provide audit trails, reports, and dashboards that can help monitor and improve the quality and performance of invoice processing.

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Francis Fabrizi

Accountant for Small and Medium Businesses and Sole Traders in London and Hertfordshire | Expert in Tax Returns, VAT Returns, Bookkeeping, and Accounting.
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The accuracy provided by invoice processing software is not just a convenience but a critical cost-saving factor. Any inaccuracies in financial data can lead to audits, financial restatements, and, in worst-case scenarios, legal troubles. These issues can result in significant financial losses, both in terms of fines and the time and resources required to rectify them. Invoice processing software’s ability to ensure precise data entry and calculations safeguards a company’s financial integrity and minimises the potential for costly financial discrepancies. It provides financial professionals with the peace of mind that their financial records are dependable and free from errors, which is essential for sound financial management.

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3 Enhancing compliance

Invoice processing software can also help Corporate Finance teams enhance compliance and reduce risks in invoice processing. Compliance is a key aspect of invoice processing, as invoices need to adhere to various internal and external regulations, policies, and standards, such as tax laws, accounting principles, fraud prevention, data security, and environmental sustainability. Invoice processing software can help Corporate Finance teams comply with these requirements by enforcing approval workflows, authorization levels, segregation of duties, and document retention policies. Invoice processing software can also integrate with other systems, such as enterprise resource planning (ERP), general ledger (GL), or tax software, to ensure data consistency and compliance across the organization.

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4 Improving cash flow

Finally, invoice processing software can help Corporate Finance teams improve cash flow and optimize working capital in invoice processing. Cash flow is a vital indicator of the financial health and performance of a business, and invoice processing can affect it significantly. Invoice processing software can help Corporate Finance teams improve cash flow by reducing the invoice cycle time, increasing the visibility and control of payables and receivables, and enabling early payment discounts or dynamic discounting. Invoice processing software can also help Corporate Finance teams forecast and plan cash flow more accurately and effectively, by providing real-time data and insights on invoice status, payment terms, and cash positions.

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Jeremiah Simi Babasanmi

Founder at Bridger | Helping B2B businesses collect cash faster, better & Predictably ??
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Look at it this way, The faster you invoice, the faster you get paid. Invoicing software helps you process your invoices better with the right payment information for payment processing.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can invoice processing software reduce costs for Corporate Finance teams?

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1 Saving time

2 Reducing errors

3 Enhancing compliance

4 Improving cash flow

5 Here’s what else to consider

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