There are many ways in which modern technology is helping us to work a lot smarter and also save money. Most businesses are eager to find far more productive processes and are happy to consider new ways of doing things if they cut down those all-important operating costs. Whether that’s more technology or better office structures, considered changes to operational procedures can bring strong dividends.

The latest MFPs on the market are far more flexible than they used to be and with powerful software that can convert scans to documents there is a perfect opportunity to reduce the amount businesses spend on accounting measures. The truth is that many businesses still get paper invoices and input them manually before agreeing payment, a job that can often take up a lot of time and resources. Your MFP might be able to help you reduce this process and deliver cost savings into the bargain if it is linked to the right accounting software.

All the evidence says that paper is by far the most expensive way to process invoice payments. It takes costs an extra £5-6 on average to handle each one that comes in, all of which adds significant costs onto the operating bill of any business. Automating this area of accounting should therefore be a priority if you want to not only speed up the process but also reduce the outlay involved. Evidence also shows that successful automation can reduce costs in this area by up to 50%.

Benefits of Automating Account Handling

• Improves performance.
• Provides operational savings.
• Speeds up the bill cycle.
• Allows companies to take more advantage of discounts by processing earlier.

How Does it Work?

Scanning invoices rather than handling them in paper form has a number of other benefits, not least reducing the amount of waste you are producing. State of the art software now allows scanned invoices to be read and input automatically into profit and loss ledgers. This gives businesses a clearer and cleaner accounting system that doesn’t depend on individuals inputting data on a regular basis.

Better print solutions and document management is the way forward for many businesses today. Most small businesses take this approach simply because it’s a way to handle invoices safely, keep track of revenues and make sure payments have been collected or made. Above all, it saves them money. For larger businesses where there is often a sizeable accounts office, it can be difficult to move away from the traditional ways of doing things.

More and more, however, are beginning to look at and understand the benefits that come from automating invoice processing. They can utilise their accounts staff in other areas and improve productivity in the office while also keeping a handle on the money that is coming in and out of the system. Now might be a good time to take a closer look at your accounts payable operation and see if using your MFP scanning options could bring bigger benefits and enable you to find good cost savings and more streamlined processes that benefit everyone.