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Benefits of Invoice Management Software: Why Choose GetMyInvoices for Invoice Management

Invoices constitute a significant portion, approximately 77%, of business documents, as indicated by AIIM Research. Managing these documents, especially for freelancers or small business owners, can be time-consuming for individuals or accounting teams.

Invoice management software According to the Levvel report, key challenges in manual invoice and accounts payable processes include:

Manual Data Entry: 51%
Manual routing of invoice approval: 37%
Lost or missing invoices: 33%

However, there exists a solution to streamline and automate these processes. By incorporating Automated Invoice Management software such as GetMyInvoices, businesses can address these pain points efficiently. This software offers a comprehensive solution to automate tasks, enhance accuracy, and ultimately optimize the invoice management workflow.

What is GetMyInvoices?

GetMyInvoices is a central invoice management software designed for businesses that handle a substantial volume of invoices. This software streamlines the process by automatically retrieving and importing documents and invoices from over 10,000 portals, eliminating the need for manual intervention. The software proves particularly beneficial in alleviating the tedious task of mining invoices for specific data.

One of the key advantages of GetMyInvoices is its ability to consolidate all invoices into a centralized location, facilitating easy accessibility. This centralized repository allows users to efficiently manage and organize their invoices by employing filters to segregate and categorize the documents as needed. This feature enhances the overall efficiency of invoice handling for businesses dealing with a large volume of financial documents.

Advantages of utilizing Invoice Management Software like GetMyInvoices:

1. Time Efficiency:

Implementing automated invoice management through GetMyInvoices proves instrumental in saving valuable time across various aspects. The accounts department often expends significant time on the laborious task of acquiring and handling invoices. With invoices arriving through diverse channels such as cloud servers, emails, or traditional mail as printed documents (as indicated by data from PayStream Advisors, where 70% of invoices are sent via email or as printed copies), the time consumed in the procurement, sorting, management, and data entry into the accounting system is substantial. GetMyInvoices contributes to time savings through the following mechanisms:

- Invoice/Document Import:

GetMyInvoices streamlines the import process by retrieving documents and invoices from an extensive array of over 10,000 portals. This includes cloud servers, email clients, and various other sources, eliminating the need for manual intervention.

- OCR Data Extraction:

The time-consuming task of manually entering data from printed invoices is a thing of the past with GetMyInvoices. Subscribers gain access to the Scan App as part of their subscription, featuring a robust OCR reader. This app can efficiently scan, capture, and extract text from printed invoices, providing a seamless solution. Moreover, users can conveniently scan invoices on the go using the app, even in offline mode.

Invoice management software 2. Minimizes Paperwork:

Contrary to the common perception that accounting entails extensive paperwork, GetMyInvoices challenges this notion. The conventional practice of maintaining a dedicated 'Files' section in the office for invoices and accounting documents, although perceived as necessary, is not without its drawbacks. This manual record-keeping not only occupies valuable office space but also incurs associated costs. GetMyInvoices revolutionizes this process by facilitating the digitization of invoice management, effectively reducing the reliance on and the burden of paperwork.

3. Enhanced Security:

Ensuring the security of critical accounting documents, particularly invoices, is a paramount concern. GetMyInvoices addresses this concern by employing advanced technologies to secure all invoices and other documents, as well as the transfer of data. Through robust encryption methods, GetMyInvoices guarantees the protection of your privacy by securing all stored data.

4. Error Prevention:

Manual management and data entry of invoices are susceptible to human errors, presenting a significant risk to accuracy. Mistakes in calculations, overlooking payment due dates, or missing invoices altogether are examples of potential human errors that can have substantial financial implications for a company. Adopting GetMyInvoices for automated invoice management is a strategic move to mitigate such errors. By automating the processes of invoice gathering and data entry, the software frees up the accounts team to focus on crucial tasks such as invoice processing and timely payment issuance, thereby minimizing the likelihood of costly errors.

5. Centralized Accessibility:

Research conducted by AIIM indicates that employees in the accounts department spend an average of 30%-40% of their time on the labor-intensive task of extracting information from invoices. This highlights the inefficiency of manual data processing and mining. GetMyInvoices addresses this challenge by importing all invoices and consolidating them in one accessible location, eliminating the need for tedious data mining.

Invoice management software 6. Streamlined Workflows:

Statistics reveal that small-to-mid-sized companies typically take 25 days to process an invoice. GetMyInvoices offers the capability to establish intelligent workflows, significantly streamlining the entire invoice processing and approval cycle. The software facilitates the automation of supplier invoice processing and expedites the handling of reimbursements for travel and hospitality expenses.

7. Seamless Integration with Accounting Systems:

Eliminating the need for manual entry, GetMyInvoices seamlessly integrates with various accounting systems. The software synchronizes effortlessly with your chosen accounting system, automating the transmission of all relevant data. Additionally, it integrates with document management systems, allowing for the automatic transmission of imported invoices and documents based on configured settings and requirements. This integrated approach enhances efficiency and accuracy in financial record-keeping.

GetMyInvoices is beneficial for various professionals and businesses, including:

Tax Consultants:

As a tax consultant managing multiple clients' accounting, GetMyInvoices proves invaluable by automating the retrieval of invoices. This eliminates the need to chase clients for invoices, allowing tax consultants to save time and redirect their efforts towards serving more clients, thereby fostering business growth.

Small Businesses & Freelancers:

For small businesses and freelancers, GetMyInvoices is a cost-effective solution that significantly reduces the processing cost of invoices by almost 60%. According to data, manual invoice processing can range from $15 to $40, whereas online invoice processing costs approximately $3.50 per invoice. This cost reduction enhances financial efficiency for small businesses and freelancers.

Invoice management software Dealers & Distributors:

Dealers and distributors, especially those selling products through online marketplaces like Amazon, can benefit from GetMyInvoices by automating the invoice retrieval process. This prevents the risk of losing track or missing invoices that may occur when manually downloading invoices from various marketplaces.

Medium-Size Businesses:

Medium-sized businesses, as per data from Sage, allocate 3.7% of work time to unproductive administrative tasks. This seemingly low percentage translates to a significant loss of $28.2 billion per year in productivity. Streamlining invoice management with GetMyInvoices can contribute to time savings, particularly in bookkeeping tasks, enabling medium-sized businesses to enhance overall productivity and efficiency.

Conclusion

For businesses routinely involved in invoice management, GetMyInvoices serves as a valuable asset. Aptly described as your 'Accounting Assistant,' it excels in automating and simplifying the intricate processes of invoice procurement and processing.

If you have not already done so, signing up with GetMyInvoices is an opportunity you cannot afford to miss. Take the next step by registering with GetMyInvoices [insert link] and experience the efficiency and convenience it brings to your invoicing workflow.

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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 9th July 2024.

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