Did you know that 47% of invoices issued to Australian small-to-medium businesses (SMBs) are paid late?
This staggering statistic came from a study by Australasian accounting software business Xero.
On top of that, Xero found that when payments arrived on average were 30 days after their due date.
In other words, Xero found that almost half of Australia SMBs had to wait about 60 days before being paid!
The spill on effects of this can be catastrophic. It is no coincidence that the Australian Bureau Statistics recently found that 40% of SMBs fail within their first four years of operation. Late payments being a contributing factor in this.
The good news is that Docuworx has a solution that can help you get paid faster and save time and costs while doing so.
SOLUTION – Invoice Process Automation
A way Docuworx can help your business is by the implementation of DocuWare as a platform for the Invoice Process Automation.
In simple terms, Invoice Process Automation – also known as AP Process Automation – allows your business to unshackle itself from the mountains of paperwork and hours of data entry associated with checking and processing invoices.
The Automated Invoice Process with DocuWare speeds up invoicing and accounts payable, eliminating the need for paper filing and manual data entry.
As well as improving efficiency and transparency by establishing automatic approvals and digital workflows.
It also improves compliance, preparing businesses in the event of an audit and provides security in case of a natural disaster that would put your data at risk.
Just Three Simple Steps to Automate Invoice Processes
Step 1: Key information is captured from scans, emails with PDF attachments web forms and other documents, filling indexing fields with the desired criteria. By capturing all invoices electronically, error-prone and time-consuming data entry is no longer a factor while establishing the digital files, creating an automated workflow process.
Step 2: All invoices or documents are in a centralised and accessible database that is organised based on the indexed data from Step 1. Retention policies and routing rules seamlessly collect information for audits or enhance your departmental processes. All documents and data is accessible anytime, anywhere from any device.
Step 3: Unleash the power of automated workflows. Using these, you can route invoices through approval chains for faster decision-making and handle exceptions with ease, all while maintaining a high level of transparency and compliance.
The chart below shows manual data entry time is cut by 95% and an approval time improvement of 70 to 80%.
A flexible, scalable solution for everyone
DocuWare Invoice Process Automation is available as Cloud, On-premise or a hybrid (Cloud and On-premise) solution so that you can choose the deployment that suits your business.
As there are more than 14,000 DocuWare customers worldwide, it has ensured seamless integration with more than 500 third party systems. Email providers, ERP, accounting system or CRM.
We can help your team stay in sync and seamlessly transition between the applications that keep your business running.
Docuworx also has solutions that can help improve your SMBs’ HR departments, sales and procurement processes and admin departments.
If you would like to know more book a free trial