Invoice automation can lead to major improvements in billing processes

Invoice automation can lead to major improvements in billing processes

Event planning can be a difficult and complex process, as it typically entails coordination among several different organizations. 

For Jonathan Reitzes, CFO at Multi Image Group (MIG), a Florida-based event planning, production and staging firm, implementing PaperSave's document management software made these functions much easier. After deploying the technology, the company now enjoys benefits such as invoice automation and improved accounts payable processes. 

"Another great thing is, once you are in the screen and viewing the actual invoice, if you need to send that to someone, you hit a button and you email it," Reitzes said. "On the sales/accounts receivable side, we're able to send our clients electronic copies of the invoices and the supporting documentation for that invoice rather than putting it in the mail."

In addition to cutting down on paper waste, Reitzes said that PaperSave solutions have benefited MIG in a variety of ways. For example, with different processes like accounts payable available within the electronic workflow, employees have been able to save a substantial amount of time with regard to billing functions. 

Advantages of invoice automation
Invoice automation has been found to help companies in a variety of ways. A recent Korellus study, for instance, found that automating produce-to-pay cycles can double efficiency while cutting costs in half, according to Sharedserviceslink.com, and invoice automation can dramatically improve the accuracy of AP processes. 

In a recent column for The Metropolitan Corporate Counsel, Jonah Paransky, vice president and managing director of LexisNexis CounselLink, discussed the ways organizations can leverage new technologies to manage the growing and changing volumes of data.

"Everything in our department was still in control, but the scenario was getting a bit unwieldy," Larry Meenan, chief counsel for intellectual property at LexisNexis CounselLink, told the news source. "We needed to manage the operation better and see if we could return more value to the corporation."

With paperwork growing, Paransky wrote that his company decided to adopt invoice automation tools to manage its billing processes. Through a streamlined electronic workflow, he said the organization benefited in a number of ways, including:

- Documents can be opened at any time. In addition, because the technology produces automatic reviews, the company has been able to comply with billing guidelines without any issue.

- The software closely controls who is able to submit and view these documents, which provides increased security.

- Because invoice automation allows for streamlined processes, employees have the ability to access data remotely.