Five Key Benefits from Implementing Formitize Invoice Data Capture

Every business owner wants the same thing – to please their customers by giving them the products or services they desire, while earning during the process. In order to keep the business going, you will need an invoicing system that works, as payment delays can bog up your workflow and cause your business to bleed out. You need a faster, more efficient way of invoicing – one that allows you to collect payments without neglecting other areas of your business. This is where automation can help you.

Automate Your Accounts Processes

Formitize invoice data capture can help your business automate your accounts processes. Simply put, Formitize takes the paperwork out of your hands by giving you access to your accounting system online, sans paper. From quoting to invoicing, your workflow speeds up with increased accuracy using our paperless app and mobile forms. In a nutshell, Formitize invoice data capture saves time, cuts costs, and ensures visibility and accuracy. Curious about its other benefits? Read on to find out.

Here are five key benefits from implementing Formitize Invoice Data Capture:

1. Eliminate Data Entry – The main benefit of implementing an invoice data capture solution is it will eliminate most manual data entry. This saves time and eliminates the introduction of error into the data fields of your accounting system, freeing up your staff to focus on more value-adding activities, or allowing reassignment, which lowers cost.

2. Make Invoices paperless – Electronic format provides visibility as your invoices can be easily tracked. Lost invoices are no longer a problem – creating faster Workflow – with rules, reminders, and escalations built in. Because invoices can be easily retrieved, when a supplier calls, there is no need to scan a copy, reducing the issue of duplicate invoices. Thus, paper storage costs are eliminated.

3. Faster Process Times – Intelligent data extraction with electronic workflow processing provides faster invoice processing times. Set your business rules. And, if everything matches as designed, invoices are approved for payment.

4. Create More Control – Automation of AP processing incorporates internal controls in the program logic. This not only enforces segregation of duties, but also introduces data auditing earlier in the process to identify and eliminate duplicate invoices, saving time and effort by catching them earlier in the process.

5. Visibility – With electronic automated processes, visibility is provided – not only for account management processes, but also for better cash management, along with timely and accurate liability accounting.