Building and generating invoices manually can be time consuming especially when work volume increases. In time past, invoice processing tasks were done manually.
This means that an accountant, cashier or sales expert needed to route every invoice, ensure it was paid, follow up with document filing, record the payment in the bank books, make certain that the payee received it and recorded it on the account.
Although today, there are several automated options that can complete all of the steps at once — reducing the labor required by staffs in an organization. So to determine if carrotsuite is the right solution for automating your business, here are a few comparisons we have laid out between manual and automated invoice processing:
1: Efficiency: With automated invoice processing, accountants will have no need to handle every invoice multiple times. The volume of work done will skyrocket for many organizations and with manual processing productivity will often lag
2: Reduce error rates: Eliminating the frequency of errors is a major advantage in utilizing automated systems, even the best AP professionals will occasionally make mistakes. An automated process offers the best of both worlds. Not only will it have built-in error checking functions, but your staff will have more time to double-check the work and make sure no mistakes are made.
3: Easy data storage & retrieval: With a manual invoice processing system, it is up to the accounting professionals to take note and recall important data from invoices. In an automated system, this amassed data is available at the push of a button. Plus, detailed data can be easily browsed — something that is measured as an asset in many organizations
4: Easy regeneration of invoice copy: Reverting back to a paper invoice in case of a pressing need may not always be easy. If you need to access an older file, it could be stored under massive piles of newer documents. However, with an automated system, you have unlimited access to retrieving previously stored data.
5: Lower costing: An automated system can make it easier to generate electronic payments or streamline the process of creating paper checks, facilitating cost reduction. While there may be an upfront cost to getting started with an automated system, over time the positive impact of using carrotsuite for your business automation can be great.
6: Increase account payable efficiency: Automation with carrotsuite will standardize your accounts payable workflow process enabling a well-structured routine for inputting data. Electronic bills can make the accounts payable process easier. Plus, paper invoices are prone to loss or damage. Online billings help you eradicate late payments due to loss of hard-copy bills.
Once you have filtered the differences between manual and automatic invoice processing, you will understand why an automated business system is often the most advantageous —especially when moving toward a more automated (i.e. paperless) office environment. It could be time to consider available options like carrotsuite and make a few changes that will keep your business up to date with modern technology.