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Advantages of using Invoice Management Software like GetMyInvoices

Invoices Management Software Getmyinvoices Invoices are at the heart of business documents. According to AIIM Research, around 77% of business documents are invoices. Hence, it comes as no surprise that it consumes a lot of your time (if you are a freelancer or a small business owner) or the time of your accounts team.
According to data by Levvel report, the biggest pain points of manual invoice process & accounts payable process includes:

- Manual Data Entry: 51%

- Manual routing of invoices approval: 37%

- Lost or missing invoices: 33%

But what if there was a way to automate the process? If you have been wondering the same, you are in the right place. The solution lies in adopting Automated Invoice Management software like GetMyInvoices.

What is GetMyInvoices?



If you deal with a lot of invoices in your business, GetMyInvoices is for you. It is central invoice management software that retrieves and imports all the documents and invoices from 10,000+ portals so that you don’t have to do it manually. Mining invoices for a particular data is a tedious activity. GetMyInvoices helps bring all the invoices to one location and hence, it makes it easily accessible. You can segregate the invoices using filters.



Advantages of using Invoice Management Software like GetMyInvoices:



1. Saves Time:

Automating the process of invoice management with GetMyInvoices helps you save time in ways more than one. Let’s face it: a lot of time of the accounts department gets lost in procuring and managing invoices. Some invoices might be uploaded on a cloud server for you to download, some invoices are sent through an email, and some are sent as a printed copy through the mail. Data by PayStream Advisors shows that 70% of invoices are either sent as a printed document through the mail or sent through email. Hence, the time taken for the process of procuring, segregating, managing, and entering the data of invoices in the accounting system is very high. GetMyInvoices helps save time in the process in the following ways:

Invoices Management Software Getmyinvoices Invoice/document import: GetMyInvoices imports the documents and invoices from over 10,000+ portals including cloud servers, email clients, and other sources so that you don’t have to do it manually.

OCR Data extraction: Entering the data of the printed invoice is a time-consuming activity. Not anymore. GetMyInvoices subscription includes access to the Scan App, which is a powerful OCR reader and can scan, capture, and extract text from the printed invoices. You can scan the invoices on the go through the app even when you are offline.

2. Reduces Paperwork:

There is a myth- Accounting involves a lot of paperwork. While you might completely disagree with the fact that it is a myth, I’m sure no one likes to maintain a ‘Files’ section in the office but are forced to do so. The ‘Files’ section is a section in which you maintain all the invoices and other accounting documents. It not only occupies an unwanted space in the office but maintaining take costs. GetMyInvoices helps you digitize the process of invoice management and thereby reduces paperwork.

3. Enhanced Security:

Security of the accounting documents like invoices is always a primary concern. GetMyInvoices secures all the invoices and other documents, and transfer of data using advanced technologies. GetMyInvoices ensures to protect your privacy by encoding all the data stored.

4. Helps avoid manual errors:

Invoices Management Software Getmyinvoices When it comes to manual management and data entry of invoices, human errors are inevitable. Errors relating to calculations, exceeding the due date of payments, missing out on an invoice are some of the examples of possible human errors. These errors can be a minor bookkeeping error but might cost millions to the company. Automating invoice management through GetMyInvoices thus helps you avoid the errors by automating the invoice gathering and data entry processes, and thereby freeing up the accounts team to handle other important tasks such as processing the invoice, and issuing payments timely.

5. One-place accessibility:

The data from research by AIIM shows that employees in the accounts department spend an average of 30%-40% of their time mining invoices for information. This shows that manual processing and mining of data is highly unproductive. GetMyInvoices imports all the invoices and makes them easily accessible by saving them in one place.

6. Create smarter workflows:

Data shows that small-to-mid-sized companies take 25 days to process an invoice. With GetMyInvoices, you can create a complete workflow and streamline invoice processing and approval. You can automate the processing of supplier invoices as well. It also helps you deal faster with reimbursements of travel and hospitality expenses.

7. Transmission to Accounting system:

With GetMyInvoices, you will not be required to make a manual entry of all the invoices into the accounting system. GetMyInvoices syncs with all the existing accounting systems. It syncs in with the accounting system you use and transmits all the data automatically. It also syncs with your document management system and transmits the imported invoices and documents as per the setting and requirement.

Who should use GetMyInvoices?




Invoices Management Software Getmyinvoices 1
. Tax Consultants:

As a Tax consultant, you might have many clients to manage their accounting. You don’t have to chase your clients for invoices anymore. GetMyInvoices helps you eliminate that auto-fetching the invoices. The time saved can be utilized to cater to more clients and thereby growing your business.

2. Small Businesses & Freelancers:

As a small business or a Freelancer, GetMyInvoices helps you reduce the processing cost of an invoice by 60%. Data shows that the cost of processing a manual invoice can range from $15 to $40 while processing an online invoice costs around $3.50 per invoice.

3. Dealers & Distributors:

If you are a dealer or a distributor and sell the products through marketplaces like Amazon, some of the marketplaces might require you to log in and download the invoices manually. In such situations, the chances of losing track and missing invoices are pretty high. Automating invoice management with GetMyInvoices would facilitate easy retrieval of invoices.

4. Medium-size business:

Data by Sage, a software manufacturer, shows that 3.7% of the work time of medium-sized businesses is invested in unproductive administrative tasks. 3.7% sounds low? Well, that causes a loss of $28.2 billion per year in productivity. 23% of administrative task constitutes Bookkeeping and half of that time is spent on creating and verifying incoming & outgoing invoices. Saving time can help boost the productivity of your business.

Testimonials:



Invoices Management Software Getmyinvoices


Invoices Management Software Getmyinvoices


Invoices Management Software Getmyinvoices








Conclusion:



If you regularly deal with invoices in your business, GetMyInvoices is for you. In true words, it is your ‘Accounting Assistant’ automating and simplifying the process of invoice procurement and processing. If you still haven’t, you can’t miss signing up with GetMyInvoices here.
If you want to check the pricing, you can do so here.We would love to know your experience with GetMyInvoices in the comments below.

Copyrights © 2021 Inspiration Unlimited eMagazine


Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 14th December 2020.
Kunal Jain
Kunal Jain works as an Outreach Specialist at iU

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