Managing invoices accurately and efficiently is the key to provide students with access to valuable educational opportunities and resources. However, a majority of education institutions found manual invoice processing very inefficient and time-consuming. Not just that, it is prone to errors and drives huge costs as well. So, how can the education industry gain excellence in the accounting department without exposing it to risk and increasing the operational cost? The answer is, using invoice automation software. In this article, we’ll discuss the seven major benefits of Implementing automated invoice processing in the education department. Let’s begin!
Need For Implementing Digital Invoice Processing In Education Department
There is no hidden fact that the education department needs to process thousands of invoices per month and if we are talking about a network of educational institutions, then this number grows to a significant value. These invoices generally include school’s or college’s outgoings and many other expenses– from books and study material to other resources. As the number of invoices increases, manual processing starts becoming more and more difficult.
Taking an instance of manual invoice processing, when an invoice arrives, staff has to manually add the data into the ERP systems or basic spreadsheets. This unnecessary data entry is not only time consuming but also very inefficient. Problems become even worse when there are errors in the processing due to handling a large volume of data.
An invoice processing software presents a new opportunity to the education department to make their invoice management efficient while reducing the operational cost.
Below are the main advantages of using a digital invoice software in the education department :
- Saves Time
Invoice processing automation saves schools and other educational institutions a great amount of time, resources and effort. With growing expectations and limited budgets, the education department can enjoy great benefits from PO automation. With the right invoicing software, you can process thousands of invoices every day without worrying about anything. This not only frees your accounts management teams from working round the clock for the same repetitive tasks but also makes them more productive.
- Saves Cost
The operational cost involved in the manual invoice processing can be a real burden on the education department. The bigger the invoice volume, the more will be the operational cost. On top of it, you need to hire an efficient accounting team that adds to your infrastructure and upfront cost. But there is no such problem with invoice processing automation. You can process as many invoices as you want at a relatively low cost that remains constant for a significant volume. Plus, you don’t have to hire dedicated teams, which again adds to your savings. The cost savings gained by education departments by automating the invoice management are exceptional. Moreover, the budget saved by eliminating manual invoice processing can be used in other important areas, such as educational development, better facilities for students, etc.
- Increased Productivity
Another great advantage of using automated invoice software is that it helps in increasing productivity. Without automation, more than half of the staff time is wasted in performing the repetitive processing tasks, which leaves only a fraction of time for value-added services.
As a matter of fact, Invoice automation speeds up the whole process and reduces human intervention to a minimum. With this earned time, your staff can pay attention to other value-added services like managing compliance issues, managing cash flow, rationalizing supplier spend, planning and analyzing budget, etc. So, if you want to enjoy these benefits, purchase invoice processing software today.
- Faster cycle times
Automatic Invoicing processing translates to faster cycle times. This means you’ll be able to balance your cash flow and establish stronger relationships with your vendors, suppliers, partners and of course students.
- Fewer Payment Errors
Another great advantage of Implementing an automated invoicing software is that it minimizes payment errors.
Whether it is identifying a duplicate payment, spotting a fraudster or transposing numbers while manual coding, Invoice processing errors can occur anywhere, anytime. All thanks to automation, Invoice processing can now be totally error-free.
- Early Pay Discounts
Automating invoice processing also means enjoying early payment discounts, which indirectly adds to your savings. When your payment cycles are timely, you can crack great deals and discounts with your material suppliers and vendors.
- Monitored Processing
Another good thing about invoicing software is that it allows you to keep an eye on the cash flow of your business. Bautomate’s invoice software offers great insights into your digital invoice management and sends timely alerts and reminders to keep you and your clients updated regarding the payments.
If your school or university is still sticking to the old, time-consuming and hectic way of manual invoice processing, resulting in failed payments, complicated approval, increased overhead cost, then it’s time to switch to a smart method. Bautomate’s invoice automation software can help you streamline your invoice and AP process, making your accounts department more efficient and productive. Learn more about our services or contact our representative today!