Invoice Processing. How to automate the process

Invoice processing and printing.

There are many companies still choosing to print these time critical documents in-house.

Choosing an end to end invoice processing and scanning solution will speed up the accounts payable process.

Choosing an end to end invoice processing and scanning solution will speed up the accounts payable process.

Why?

Here are some well documented reasons…

Because its too expensive to outsource.
Because we don’t want to give up control.
I want our envelopes post marked with our address details.
Because the Directors want to retain control of the print and despatch of our statements/invoices

If it’s taking you and your company too much time to process and generate your invoices and statements then you really should think about automating the processing by opting for a print services provider.

A printing mailing service provider specialises in the process, printing and inserting of invoices and statements.

Let’s look at the above points in more detail.

Twenty years ago outsourcing this onerous task would have been cost effective for the for high volume generators of statements and invoices.

Today, technology has changed and improved to such a degree that any company generating a few hundred invoices will benefit from tangible cost savings in postage and processing especially when this is weighted against the costs of doing it in-house factor in over ordering of stationery, consumables, maintenance fees, inserting machines and employees who are involved in the process too.

Retaining control – The question that needs to be addressed is do you trust your billing software to output the correct data? Are you painstakingly checking certain customer invoices for errors or omissions prior to actually sending them out?

Even if you have specific customers that require you to check prior to sending most, if not all mailing services will have a medium with which you can isolate those documents view and approve prior to print or sending electronically.

Envelope details – this is given as most print companies will suggest that the outer envelopes will be pre-printed with a return address, company logo and postage indicia in the corporate colours.

Company Directors are insistent in keeping the process in house – Next time the accounts department process the monthly, weekly invoice or statement run ask the Directors to spend time in the department just to see what’s involved in the process.

Present them with a time V cost analysis report that you’ve done in advance, costs both visible and invisible should be shown then see what response you get? I’d be very surprised if they didn’t exhale sharply and respond with “really it costs that much!”

What are the benefits of automating the process?

e-billing...If your company regularly sends out invoices and statements in a paper format as well as providing electronic billing then you will benefit from having this process automated.

The outsourcing of invoice and statement printing is not as complicated as you think.

By understanding a company’s billing cycle, how the information (data) is extracted out of the accounts system and how to send the data are taken care of by the mailing partner.

If managed correctly by the printing services company the cost savings will be evident.

For example by speeding up the processing time i.e reducing the time taken to despatch bills or statements, receipt of a datafile on day 1 can result in despatch the same day, which can have a dramatic impact on the DSO (days outstanding).

There is minimal time spent by the company once the data file has been emailed because the mail service provider does all the work.

Pre-sorting your bills and statements specifically for Royal Mail or DSA (downstream access) will offer huge savings on postage.

Outsourcing this non core business activity enables you to have the option of sending paper based items and an electronic version as well – multi channel distribution.

The data file can be pre-sorted for bills and statements that are required to be printed and posted or to be electronically sent.

In effect, your only concern is ensuring the upload of the information file. This is the only part of the process that your business truly gets involved in.

The biggest advantage of outsource bill and statement printing is that your outsource provider does all the work associated with printing and prepping of your invoices and statements for mailing.

You also have the flexibility to change the layout and format of your documents because most outsource printers can print in colour at the same time as printing the statement or invoice information therefore implementing a form change becomes effortless!

Most customers have come to expect paperless billing and it is cheaper than sending a paper version.

There is also a compelling argument to outsource the processing of your electronic bills and statements.

Of course there is always the option of implementing a complete end to end invoice processing scanning solution.

For more information about how invoice processing and scanning solutions can streamline your company process then click here for more information.

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 What do you do, how do you manage the process of billing your clients? Let us know your thoughts so we can share it.

 

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