Due to the pandemic and more recently, the cost-of-living crisis, there has been a huge increase in the number of employees working remotely. This means we are seeing a natural shift from historic manual invoicing and data entry, to a new age of digital accounting and online invoicing.
One major issue businesses have faced in recent times has been trying to reduce the time spent on manual “process driven” tasks to improve overall efficiencies. Many businesses spend hours on manual data entry but advancements in technology now means that this time is unnecessary and could be spent in more cash generating exercises such as credit control.
But can it really make a difference to my business?
Absolutely, data capture tools such as Dext can greatly help with managing your cashflow for your business and ensure your processes are much faster and more efficient to help cope during a recession. Many of our clients using Dext use their bespoke Dext email address as their form of accounts payable solution, advising suppliers that if the invoice is not sent to Dext it will not be processed onto a payment run.
Not only will such systems reduce the amount of manual data entry required, they also serve as a digital store for original invoices which will remove the need to keep paper copies for 6 years, as currently required by HMRC. This reduces the amount of time spent searching for invoices and the cost of storing these records.
Summary
Considering the use of invoice automation could have many benefits for your business. It will dramatically reduce the need for manual data entry into your accounting system, lower the number of physical records you are required to store, free up large amounts of time for your employees to add real value to your business and also reduce the likelihood of human error in miscoding or duplicating records.
Get in touch
There are a number of invoice automation systems available, and our team of cloud accounting experts can advise you on which will work best for your business. Contact our cloud team manager, Rosie Cooper today using the button below.
A comment to note that the article does not constitute personalised advice and that advice should be sought before taking any action.
