The advantages of efficient, accurate and timely processing of invoices goes beyond saving your Finance or Accounts Payable team from being overwhelmed by a deluge of physical documents. Document scanning, capture and conversion to a digital format can help make the Accounts Payable process more efficient, and help save time, cut costs and free up valuable human resources.

The process of moving your invoices to an electronic format

Document scanning – This is the first step in the process, which involves scanning or imaging the actual invoices. Relevant scanning and imaging methods are used for different types of invoice document formats.

The actual conversion – Using OCR (Optical Character Recognition), ICR (Intelligent Character Recognition), barcodes and other tools to capture data, the aim of this step is to record data accurately before converting physical invoices to an electronic format.

Management of electronic records – This is the final step in the process to ensure systematic indexing, storage and retrieval of electronic records, and if necessary, integrating electronic records with an organization’s existing workflow management system.

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The advantages of converting invoices into electronic records

Moving a physical document and paper-intensive process to an electronically managed one, can bring a lot of efficiency and cost-savings to any business. Here are some of the benefits your business can reap from electronic invoice management:

• Relevant teams in the organization like accounts/finance can have simultaneous and quick access to electronic records of invoices.
• It can help integrate the electronic records with your organization’s existing workflow management system.
• Moving to electronic records management can help free up valuable office space, previously being used for document and file storage.
• Moving to a paperless system improves efficiency, and you can find the invoices you’re looking for with a simple click of the mouse.
• It eliminates chances of human error, so you don’t have to worry about misplacing invoices or accidentally destroying physical documents.

InfoFort is one of the key providers of records and information management services in the UAE, as well as many other countries in the Middle East and Africa. InfoFort’s electronic records management solutions can help your business make the move from manual invoicing to a more efficient electronic one, starting from document scanning and conversion to relevant electronic formats, to the management/integration of invoices.

[Related: SMEs, what do your books look like?]