Invoice Automation Software: Time to Go Paperless in 2021

Automated invoice processing is a way of extracting invoice data, populating the information in an accounts payable system, and processing invoice data for accounts payable using automation software. Effectively used, automated invoice processing saves a company’s AP department time and money.

Invoice Automation Software

Invoice Automation Based Industries:

  • BFSI
  • Manufacturing
  • Healthcare
  • Retail & Consumer Goods
  • Education
  • Transportation and Logistics

Invoice Automation Market by region:

  • America
  • Europe
  • Asia Pacific
  • Middle East & Africa

Based on Organization Size:

  • Small and Medium-sized Enterprises
  • Large Enterprises

Invoice management software

  • Invoice management software saves time & resources for organizations – 50%
  • Automation can cut costs by 81% 
  • Improve efficiency by 73%

Global AP automation market size

  • Global AP automation market size in 2019 – USD 1.9 billion
  • Global AP automation market size is expected to reach 2024- USD 3.1 billion by 2024

Several sizable barriers exist that hold AP back

  • Too much paper – 40%
  • Exception Rate – 62%
  • Lengthy invoice approval times – 51%

Rise of Electronic Invoices

  • Electronic invoice processing – 45 % in 2018
  • Electronic invoice processing – 66 % in 2020
  • Electronic invoice could rise to more than – 70 % in 2021

Invoice Technology reduces the stress levels

  • 78 % of respondents said new automation technology helps in reducing stress levels
  • Reduction in manual efforts – 100%
  • Reducing overall costs by – 60%

AP Invoice Automation Reduces the Cost

  • Implementing an AP automation solution reduces the hard labor cost of invoice processing by – 78%
  • Improving your AP clerk processing rate without automation – 5 invoices/hr
  • Improving your AP clerk processing rate with automation – 30 invoices/hr

Business losses due to manual invoicing

  • Companies experience losses due to human error – 27.5 %
  • Companies rely on manual data entry processes – 80 %

Invoicing Without Automation

  • <span”>36% of firms using paper invoicing
  • 47% rely on manual processes
  • 49% of payments made by cheques

Problems caused due to AP exceptions on invoices

  • 32% of all late payments 
  • 36% of all supplier-related phone calls

Need more time

  • 54% of businesses said invoices were being sent to the wrong place
  • 36% said they were concerned with late payments due to process delays

Benefits of Automated Invoice Processing

  • Cut down the error rates
  • Speeds up the approval process 
  • Reduces duplicate invoices & payments
  • Slashes the costs of manual invoice processing
  • Improves the relationship with vendors
  • Better to secure early-payment discounts and avoid making late payments

Solutions For Better Workflow In  Invoice Processing

  • Adopt paperless accounts payable software
  • Reduce delays and eliminate process bottlenecks
  • Streamline exception processing
  • Ensure consistent, controlled AP processes
  • Reduce late payment penalties

The success level of  implementing automation

  • Improvement in the overall processing time – 90%
  • Achieved data accuracy – 100%

Bautomate

Bautomate is an AI-powered Hyperautomation solution that provides data-driven, intelligent dashboards, cognitive intelligence, dynamic forms, drag & drop visual workflow studio, rule engine, task-management, customer portal, and provides visibility of all banking operations, and much more.

Conclusion

Intelligent automation is surely adding value to the digital landscape with its ability to transform business processes and bring agility in the entire ecosystem. Moreover, to cater to the ever evolving market and customer requirements, IA can support businesses to maintain competitive edge without compromising on the quality of services with enhanced customer engagement and higher transparency to business processes.

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