This blog with look at digital transformation and the invoice. Digital transformation is of high importance for organizations. A recent study found that 89% of organizations have plans to adopt digital-first business, however only 44% have fully adopted that approach. Compounding this is the fact that the finance department is one often on of the laggards with digital transformation. There are organizations that are championing digital transformation and finance like FEI. One of the areas that may be ripe for your organization is digital transformation and the invoice.
This blog will outline a few areas that your organization should look at to determine if there are opportunities for digital transformation with your invoicing.
How do you send invoices? Does your organization send paper based invoices? Are your invoices sent by email? Do you manually enter invoice data into your customers portals? If you answered yes to any of these items there should be opportunities to improve your AR department processes with technology.
How do you receive invoices? Does your organization still receive paper invoices or PDFs through email? Paper based process are a sign of poor processes. This is not only related to the processing of paper invoices, but also in the storing of invoices.
Can you support customer and supplier requests? One of the things to consider is your current processes or even your future processes on your customers and suppliers. We have examples of where suppliers were told to submit invoices through a manual process, they decided they didn’t want the business anymore. The company had to relent as they needed the suppliers product. Make sure the benefits and a quick on-boarding process is part of your digital transformation process.
How secure are your invoices? There are many invoice scams being used today. This not only affects the AP based invoices, but also AR invoices. There are many cases where invoiced are intercepted and payment information is changed before it gets to your customer. What kind of security do you have in place for both AR and AP groups.
How does manual tasks impact your finance team? One of the things that organizations don’t always understand is the impact of old and manual processes to your finance team. This can affect the team in many ways. The more manual the task, often the less job satisfaction. Your business also might face busy periods where the team gets behind. Building more technology into your invoicing process can allow the AP and AR team to focus on more value-added tasks.
OnePosting has an impactful, affordable, and easy to implement solutions for both AR and AP departments. If you would like to hear more about how about how OnePosting can help with digital transformation and the invoice, book a meeting with us.