What new invoicing technologies can help you streamline your administrative tasks?

2 Cloud-based accounting software

Another invoicing technology that can help you streamline your administrative tasks is cloud-based accounting software. This is software that runs on the cloud, meaning you can access it from any device with an internet connection. Cloud-based accounting software can handle all your accounting needs, including invoicing, billing, expenses, taxes, and payroll. You can automate your invoicing process, sync your data across different platforms, and collaborate with your team and clients. Cloud-based accounting software can also provide you with real-time financial data and analytics, and help you comply with tax regulations. Some examples of cloud-based accounting software are QuickBooks Online, Xero, and Sage.

3 Invoice scanning and OCR

If you deal with a lot of paper invoices, you might want to consider invoice scanning and OCR technology. This is technology that can scan your paper invoices and convert them into digital formats using optical character recognition (OCR). OCR can recognize the text, numbers, and symbols on your invoices, and extract the relevant information, such as invoice number, date, amount, and vendor. You can then store, organize, and search your invoices in a digital database, and export them to your invoicing or accounting software. Invoice scanning and OCR technology can save you time, space, and paper, and reduce the risk of errors and fraud. Some examples of invoice scanning and OCR technology are Scanbot, ABBYY FineReader, and Receipt Bank.

4 E-invoicing and blockchain

If you want to take your invoicing to the next level, you might want to explore e-invoicing and blockchain technology. E-invoicing is the electronic exchange of invoices between buyers and sellers, using a standardized format and protocol. E-invoicing can simplify and speed up the invoicing process, reduce costs and errors, and improve compliance and security. Blockchain is a distributed ledger technology that can record and verify transactions in a secure and transparent way. Blockchain can enhance e-invoicing by enabling smart contracts, digital signatures, and traceability. E-invoicing and blockchain technology can create a more efficient and trustworthy invoicing system, and open up new opportunities for cross-border trade and collaboration. Some examples of e-invoicing and blockchain technology are Tradeshift, Request Network, and Stampery.

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?