This new calculator can help you estimate how much time and money you could save by accepting e-invoices, digitising PDF invoices and automating invoicing processes. Various studies have measured that, on average, a company saves €3 and 30 minutes on each invoice by using digital solutions. Such savings are not only visible in the accounting department, as there are often more people involved in purchase invoice handling across the company – buyers, their managers, accountants, etc.
How much would you save with digital purchase invoice management?
What is this calculation based on? By digitising all incoming PDF and paper invoices into a single format, it is possible to save tens of hours and hundreds of euros in following processes. By converting all purchase invoices into a machine-readable format, there is no need to run three different workflows for managing pdf, paper and e-invoices at the same time.
Invoice digitalization means that all PDF invoices are sent to a single email address (digitalization mailbox). From there, they are transferred to an automatic data recognition software, which converts all the information on the invoice into a machine-readable format. Essentially, the PDF invoice becomes an e-invoice and the accountant does not have to manually enter data into the system.
After the invoice has been imported into the system, the Finbite digitizer checks the accuracy of the data and, if everything is in order, the invoice becomes visible in the accounting software. This kind of cooperation between machine and human allows us to guarantee 99% digitalization quality. This means that the accounting software always receives the correct data and errors caused by manual entry are prevented.
Now that the invoice has been digitized into a machine-readable format, further administrative steps can be conveniently automated.
- For example, it is possible to automate the approval process, or the confirmation circle, with all reminders before the invoice is paid. As this is the most time-consuming part of invoice management for PDF invoices, the implementation of a smart confirmation circle also saves the most time for the accountant and other employees.
- The same automation approach can be applied to the account assignment of invoices. All recurring digitised and e-invoices will be automatically assigned with pre-determined accounts when they enter the system, and the accountant will not have to do it manually again each month.
- For example, it is possible to automate the approval process, or the confirmation circle, with all reminders before the invoice is paid. As this is the most time-consuming part of invoice management for PDF invoices, the implementation of a smart confirmation circle also saves the most time for the accountant and other employees.
- The same automation approach can be applied to the account assignment of invoices. All recurring digitised and e-invoices will be automatically accounted for when they enter the system, and the accountant will not have to do it manually again each month.
- Finally, as all incoming invoices are in the same format, they can be viewed in real time in a comprehensive and convenient digital archive. The entire purchase invoice process is digital, verifiable and transparent.
