Paperwork, rekeying data and not having access to key information are all factors that are detrimental to the productivity of the field workforce.
Invoices contribute to the bottom line of an enterprise. Raising an invoice involves labour-intensiveness and also it involves a processing time in it which would be around three to four days (on an average). The challenges involved in traditional invoice processing include.,
(i) Increase in the chance of error due to multiple sources: Invoices raised through manual process are through various sources, which include., mail, e-mail, courier, fax and web-based forms.
(ii) Paper invoices are tough to monitor: In today’s fast paced work environment, paper invoices can be filed away and forgotten. Also, it fails to give financial visibility in the organisation.
(iii) Paper invoices are labour intensive: Data entry activity, each invoice necessitates a manual cross-reference for validity which involves comparing the invoices etc.
With FarEye’s easy billing set-up, the merchant can raise the invoice with a single click. Everything is automated and the accuracy & visibility is maintained throughout the process. Also, it helps in improving your internal processes and relations with the suppliers.
Impact on the businesses:
Automated Invoicing plays a key role in reducing error rates in invoice entry and payments. Some of the key benefits of raising automated invoices include.,
(i) Increased visibility and control: All the information is at your fingertips: supplier data, amount to be collected, taxes, discounts etc
(ii) Timely & accurate financial reports: Immediate access to every kind of statistics, such as charts, bars, graphs & tables.
(iii) Improved cash flow management: Reduced errors along with visibility and control enables healthy cash flow management.