Invoice Processing Costs Out of Control?

Are the costs related to processing invoices from multiple store locations adding significant overhead, and as a result, impacting your profitability? Data centralization issues, process inefficiencies, and inconsistent processes applied within each location, are common challenges that can be overcome using these 5 steps:

  1. Move from processing invoices manually to an automated system. The first step in reducing your invoice processing costs is to implement a centralized data capture system at the corporate office. This will free your highly-skilled employees from focusing on data entry, and will save your business significant time and money.
  2. Add a scanner at each business location so invoices do not have to be mailed to the corporate office. Instead of sorting, packing and mailing invoices to the corporate office, have each location scan their invoices into the system. The data capture software will automatically sort the invoices, capture their data, and run validation - offering immediate visibility, while improving accuracy.
  3. Each location should immediately check for data capture issues so they are caught early. Make sure each location is responsible for ensuring the accuracy and quality of their scanned invoices. This early correction is easier to resolve and prevents costly errors down the line.
  4. Integrate the data capture system with your existing databases and accounting software. Choose a data capture system that seamlessly integrates with your existing databases and accounting software. By using your existing accounting software, your employees can continue to use the system they are familiar with, while minimizing additional training.
  5. Use the improved process visibility within an automated system to decrease exposure to compliance and risk issues. A powerful system, such as Advanced Retail Spectrum, will leverage a rules-based extraction engine to immediately recognize each scanned field, compare it to existing data, and alert the user to any duplicate invoices, pricing inconsistencies, vendor changes, etc. This lowers your exposure to compliance and risk issues.

Using the 5 steps listed above, your business will improve process efficiencies, streamline capture, and enhance productivity—all while improving cash flow and decreasing operating expenses.

Click here to learn more about how our data capture system can help your business.

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