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Invoice management plays a critical role in ensuring the smooth financial operations of professional service firms. However, for finance teams and accounts payable (AP) clerks, processing invoices efficiently often feel arduous with legacy and manual processes.
The professional service industry’s reliance on project-based billing, high invoice volumes, and the need for accuracy and transparency make invoice management solutions indispensable.
Fortunately, modern technology offers opportunities to streamline and optimize these processes, making them more efficient and accurate. Keep reading our blog to learn more about Unit4 Invoice Management, how it works, and the challenges it solves.
These tools not only streamline operations but also enhance client satisfaction, flexibility, financial health, giving firms a competitive edge.
Keep reading:
Click to read Reimagining Invoice Management (Gated)
Legacy challenges in invoice management
Addressing invoice management challenges is crucial for professional service firms aiming to enhance efficiency, accuracy, and scalability – many still rely on legacy systems that can impede productivity.
Manual data entry and errors
One of the most significant challenges in invoice management is manual data entry. Despite advancements in technology, 57% of invoice data is still entered manually into systems. Gartner found that nearly three of five accountants (59%) make several financial errors every month, with workloads only continuing to grow.
This approach is not only time-consuming but also prone to errors, especially when dealing with paper or PDF-based invoices. Even small inaccuracies in key invoice fields can lead to processing delays, incorrect reporting, and cash flow issues.
For professional service firms that handle high volumes of invoices, the inefficiencies of manual processes can quickly snowball into missed opportunities and strained supplier relationships.
Time-consuming approval processes
Another major issue is the lengthy approval process for invoices. For nearly 50% of businesses, invoice approvals require input from two to three people, creating significant bottlenecks.
These manual approval steps prolong processing times, delay payments, and impact vendor relationships. When approval cycles stretch out unnecessarily, teams lose valuable time that could be spent on strategic priorities.
High exception rates in workflows
Exceptions in invoice processing, such as incomplete data, coding errors, or missing invoice numbers, are a frequent headache. These exceptions require manual intervention to resolve, disrupting workflows and elongating processing times.
High exception rates not only lower overall efficiency but can also add stress to finance teams already dealing with high invoice volumes.
Lack of visibility and tracking
Many firms struggle with outdated tracking systems that fail to provide real-time insights into invoice statuses. This lack of visibility makes it difficult to monitor progress, leading to frequent follow-ups from vendors seeking payment clarity.
Poor tracking mechanisms not only waste time but also diminish transparency, contributing to frustration on both sides.
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How modern technology can streamline invoice management
Advanced technologies like artificial intelligence (AI), predictive analytics, and automation are revolutionizing the way professional service firms handle invoices. These innovations directly address the challenges outlined above, offering smarter, faster, and more accurate solutions for invoice management.
Automating data capture with OCR technology
AI-powered Optical Character Recognition (OCR) tools, such as Unit4’s Invoice Data Capture service, can extract vital information from invoices, such as vendor details, invoice numbers, and amounts.
By automating data capture, these tools eliminate the need for manual entry, significantly reducing errors and improving efficiency. Finance teams can then focus their efforts on higher-value tasks instead of repetitive data entry.
Intelligent approvals with predictive automation
Modern invoice management solutions, like Unit4's Accounting Prediction Service, utilize predictive automation to streamline approval workflows.
These tools assign general ledger (GL) codes and tax details automatically, minimizing exceptions and simplifying approvals. Predictive insights accelerate the entire review process, ensuring timely invoice processing and reducing delays.
Centralized visibility through advanced tools
Advanced platforms can centralize invoice tracking with intuitive dashboards that provide real-time updates on invoice statuses.
Unit4’s Advanced Virtual Agent (Ava), integrated with Microsoft Teams, allow for better collaboration and communication between teams, ensuring everyone is aligned and up to date. This centralized visibility reduces supplier follow-ups and ensures smoother workflows.
Reimagining invoice management with Unit4’s Invoice Management Experience
Unit4’s Invoice Management Experience is designed to tackle these invoice management challenges head-on. With a comprehensive Cloud suite of ERP tools, it helps professional service firms optimize their invoicing processes and achieve better outcomes.
It’s key features include:
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Invoice Data Capture Service automates data extraction to improve accuracy and reduce manual effort.
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Accounting Prediction Service assigns coding automatically to minimize exceptions and streamline approvals.
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Invoice Follow-Up Screen and Ava integration offers real-time tracking and simplifies collaboration via Microsoft Teams.
With ambitious goals, such as increasing processing speeds by 30% and reducing manual data entry errors by 50%, Unit4 provides the ideal solution for firms looking to transform their invoice management and service delivery.
Unit4’s Invoice Management Experience offers the Cloud tools you need to overcome bottlenecks, improve cash flow, and empower your teams. To learn more about our solution, visit our website, read the eBook, talk to sales, or view a video demo – today!
Further reading & resources
