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How can automating invoice reconciliation save your team time and money?

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Invoice reconciliation is the process of matching invoices with purchase orders, receipts, and other documents to ensure accuracy and avoid overpayment. It is a crucial task for any business that deals with suppliers, vendors, or contractors, but it can also be time-consuming, error-prone, and costly. If you are still relying on manual methods, such as spreadsheets, emails, or paper files, you may be missing out on the benefits of automating invoice reconciliation. In this article, we will explain how automation can save your team time and money, and what features to look for in a software solution.

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Vivian Nwagwughiagwu Nriama, FPWM, ACA (in view).

HND Accounting Graduate[Upper Division] || Finance Associate|| Accountant-Oil and Gas || Financial Analyst ||Tax…
Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting & Modelling |

1 What is automation?

Automation is the use of technology to perform tasks that normally require human intervention, such as data entry, validation, approval, and reporting. Automation can reduce the need for manual work, increase efficiency and accuracy, and free up your team for more strategic activities. Automation can also help you comply with accounting standards, regulations, and policies, as well as improve your relationship with your suppliers and customers.

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Vivian Nwagwughiagwu Nriama, FPWM, ACA (in view).

HND Accounting Graduate[Upper Division] || Finance Associate|| Accountant-Oil and Gas || Financial Analyst ||Tax Consultant || Advocate for Carbon/Green house gas Accounting and environmental sustainability.
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Automating invoice reconciliation is the use of technology to enhance the process of comparing invoices to their respective and corresponding transaction . This process helps to streamline reconciliation, making it free from errors. Manual Reconciliation is a whole lot and a time waster. In it, there is a 101 possibility of erroneous transaction. It is pertinent to note that adopting automated invoice reconciliation into your financial activities saves time, makes the work swift, prevent errors, setbacks, and waste, thereby enhancing productivity

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting & Modelling |
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Automation is the adoption of technology to optimize manual work processes in order to save time, reduce errors and achieve efficiency

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2 How can automation save time?

One of the main advantages of automating invoice reconciliation is that it can save your team a lot of time. According to a survey by PayStream Advisors, the average time to process an invoice manually is 12.4 days, while the average time with automation is 3.9 days. That means automation can reduce the invoice cycle time by more than two-thirds. Automation can also eliminate the need for manual data entry, which can be tedious, slow, and prone to errors. By using software that can capture, extract, and validate invoice data from various sources and formats, you can speed up the reconciliation process and reduce the risk of mistakes.

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Moustafa Aly CMA, CFE, MBA, FMVA

Financial Reporting I Financial Modeling I Financial Analysis I Advisory
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Of course that generation of automation system created a mega of differences on the global of business specifically accounting reaching out to reconciling, how you imagine the time gone for manual system, hence save a time, thus cost, a part of internal control inverted to automated reconciliation.

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3 How can automation save money?

Another benefit of automating invoice reconciliation is that it can save your team money. By reducing the invoice cycle time, you can take advantage of early payment discounts, avoid late payment fees, and improve your cash flow. By eliminating manual data entry, you can also reduce the labor costs associated with invoice processing, as well as the costs of correcting errors, resolving disputes, and recovering overpayments. According to the same survey by PayStream Advisors, the average cost to process an invoice manually is $40.70, while the average cost with automation is $3.34. That means automation can reduce the invoice processing cost by more than 90%.

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Jerome Kathiravan

CA Article | CA Final | CMA Final | B.Com | Finance & Management Enthusiast | Public Speaker | Raghavan & Muralidharan Chartered Accountants |
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In addition to cost savings, automating invoice reconciliation can also improve accuracy and reduce the risk of human error. Manual data entry and processing can lead to mistakes, which can result in costly discrepancies and delays in payments. By implementing automation, you can ensure that invoices are processed accurately and efficiently, reducing the likelihood of errors and the need for time-consuming corrections.

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4 What features to look for?

If you are interested in automating invoice reconciliation, you should look for a software solution that offers data capture and extraction, data validation and matching, workflow and approval, and reporting and analytics capabilities. The software should be able to capture invoice data from various sources, such as email, fax, web, or mobile, and extract the relevant information. It should also validate the invoice data against predefined rules and match the invoice with the corresponding purchase order, receipt, and other documents. Furthermore, it should be able to automate the workflow and approval process, such as routing the invoice to the appropriate person or department. Moreover, it should provide reporting and analytics features like generating dashboards, charts, and graphs to track key performance indicators and identify trends and opportunities.

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5 How to get started?

If you are ready to automate invoice reconciliation, it is important to assess your current situation, analyze your current process, identify pain points and opportunities, and estimate the potential time and money savings that automation can provide. Additionally, you should compare software solutions based on their features, benefits, cost, and compatibility with existing systems. Once you have chosen a suitable software solution, you should implement it, train your team, and test the functionality and performance of the automation process. Finally, it is important to monitor the results and feedback of the automation process, measure the impact and return on investment, and make improvements as needed. Automating invoice reconciliation can save your team time and money as well as improve accuracy, compliance, and relationships. By using a software solution that can capture, extract, validate, match, approve, and report invoice data you can streamline the reconciliation process and focus on more strategic activities.

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6 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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Jerome Kathiravan

CA Article | CA Final | CMA Final | B.Com | Finance & Management Enthusiast | Public Speaker | Raghavan & Muralidharan Chartered Accountants |
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Furthermore, automating invoice reconciliation can provide greater visibility and control over the entire invoice process. With automated systems, you can easily track the status of invoices, identify bottlenecks or delays, and implement measures to streamline the process. This can ultimately lead to better decision-making and improved vendor relationships, as well as enhanced compliance with internal policies and external regulations. Overall, the benefits of automating invoice reconciliation extend beyond cost savings to include increased efficiency, accuracy, and control over the entire invoice process.

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How can automating invoice reconciliation save your team time and money?

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1 What is automation?

2 How can automation save time?

3 How can automation save money?

4 What features to look for?

5 How to get started?

6 Here’s what else to consider

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