Automated Accounting
Addressing the shortage of skilled workers in accounting with digital invoice processing
The shortage of skilled workers in accounting is a long-standing problem that affects many companies. The demand for financial experts is influenced by various factors. Examples include: economic situation, regulations, company size and industry, technological developments, and demographic factors. To counteract the shortage of skilled workers, the introduction of digital invoice processing and process automation can help. This significantly reduces the workload on your staff, allowing them to focus on important tasks.
Good reasons
THE ADVANTAGES OF DIGITAL INVOICE PROCESSING
Well-designed digital invoice processing can be a good solution to counteract the shortage of skilled workers in accounting. Here are the five key advantages:
Digital invoice processing automates many time-consuming manual processes (such as data entry, searching for and managing documents, and archiving). This allows accountants to focus on more value-added activities.
Automated systems minimize human error in data entry and calculation. This leads to more accurate financial reports and reduces the risk of costly mistakes.
Digital systems provide clear and traceable documentation of all process steps (through log data). Invoices can be easily tracked, checked, and corrected if necessary. This also facilitates compliance with legal regulations and the performance of audits.
Digitizing and automating invoice processing saves costs for paper, printing, storage, and shipping. It also significantly reduces the costs for manual labor hours!
Digital invoices can be processed and approved more quickly, resulting in faster payments. This improves the company's liquidity. It can also lead to better relationships with suppliers who appreciate prompt payments. In addition, discounts can be obtained through cash discounts.
The most important functions
OF DIGITAL INVOICE PROCESSING
When it comes to digital invoice processing, users of the software solution particularly appreciate the following four functions. You should consider these when selecting a tool.
- Transfer: Approved invoices can be seamlessly transferred to existing accounting and ERP systems, such as DATEV, and posted there.
- Automation: In some cases, it is advisable to run invoices through dark processing. This allows invoices with a sum X defined by you to be posted automatically.
- Communication: The integration and exchange of data between accounting systems plays an important role in communication. This prevents the accounting team from having to manually maintain the same information in different places.
- Verification: The extracted invoice data can be automatically compared with master data and checked. The assignment of accounts and cost centers to invoice items is also automated.
- Digital from A to Z: Invoices go through a digital workflow for checking, approval, and posting, without any frequent context switching.
- Approval and authorization: Electronic approval and authorization of invoices can be carried out from anywhere (whether in the office, at home, or on the go).
- Reporting and analysis: Preparation of reports and analyses on invoice processing and control.
- Import: All incoming invoices are digitized and imported regardless of the input channel to speed up the process and minimize errors.
- Extraction: Automatic extraction of invoice data using IDP (Intelligent Document Processing) and AI enables fast and accurate capture of invoice data.
- Processing: Direct processing of e-invoices enables seamless integration into the digital invoice processing workflow.
- Archiving: Audit-proof and GoBD-compliant archiving of invoices to securely store all invoices for the long term and make them available on request.
- Access: Quick access to invoices across different departments to find and process invoices quickly and efficiently.
- Security: Security and data protection through audit-proof archiving and automated processes to ensure the confidentiality and integrity of invoice data.
Whitepapers
Automated Accounting
In our free white paper, you will learn how you can successfully overcome the shortage of skilled workers in your accounting department with AI-based intelligent document processing, seamless workflows, and digital approval processes.
Was everything better in the past – really?
WHY MANUAL INVOICE PROCESSING IS NO LONGER APPROPRIATE
The digitization of accounting continues to gain importance. This ongoing trend is receiving an additional boost from the upcoming e-invoicing requirement. There are several reasons why manual invoice processing no longer meets the requirements of modern business processes. Here are a few facts about manual processing:
E-invoices save time, money, and space
YOUR BENEFITS, OUR EXPERTISE
Unlike paper/PDF invoices, e-invoices present all invoice content in a structured, machine-readable data record. This enables end-to-end digital processing from invoice creation to payment. The following advantages, among others, come into play in terms of document logistics:
E-invoicing eliminates the need for manual data transfer and OCR extraction, which significantly reduces the error rate and saves time and resources for error correction.
E-invoicing enables fast transmission and processing of invoices in real time, reducing the time required for manual processing and approval and increasing efficiency.
E-invoicing provides a secure and reliable way to transmit invoices, ensuring that sensitive information is protected from unauthorized access and that regulatory requirements are met.
E-invoicing provides real-time insight into the invoicing process, enabling companies to track the status of their invoices and identify potential bottlenecks in order to optimize their processes.
Overall, e-invoicing offers a number of advantages that improve the efficiency, security, and transparency of invoicing processes. However, it is important to note that the transition periods for mandatory e-invoicing have not yet expired and many companies will continue to be confronted with non-electronic invoices. Therefore, it will remain important in the future to have efficient input management for non-e-invoices in order to ensure smooth processing and handling of these invoices.
Digital invoice processing
WE RELY ON THESE TECHNOLOGIES
To fully leverage the benefits of e-invoicing and ensure smooth invoice processing, we rely on innovative technologies that are revolutionizing digital invoice processing.
We have over 20 years of experience in digitizing documents and processes in accounting. To create the automated accounting of tomorrow, we have developed our in-house solutions Buildsimple and Accounts Payable Flow. These enable end-to-end digital processing of invoices. Our solutions at a glance:
Buildsimple
Our solution for intelligent document processing
Buildsimple is a cloud-based platform for intelligent document processing. Buildsimple uses artificial intelligence and machine learning to automatically classify your invoices and extract relevant data.
- faster processes and increased productivity
- Compliance: applicable in BaFin-regulated companies
- Ø 90% time savings per document
- No-code platform for the department
- SaaS
Accounts Payable Flow
Our solution for digital invoice processing
Automate your invoice processing procedures. From invoice receipt to verification and approval to posting, our specialized Accounts Payable Flow application provides you with comprehensive support for digital invoice processing, compliance with cash discount deadlines, and automation of approval processes.
- low error rate
- fully digital
- Transparency and compliance
- Cost Savings
- On-premises, SaaS
On-demand webinar & look at the tool
Our solutions in action
A look at the tool
In this brief overview of the tool, we introduce you to the interaction between our "dream team for digital invoice processing," Buildsimple and Accounts Payable Flow.
- Automatically read and check invoices
- Easily cluster permissions and competencies into user roles
- Implement AI-supported invoice processing and approval
- Informative ad hoc reports and dashboards for greater transparency
Webinar
In this webinar, discover how quick and easy it can be to use AI for your documents. We will show you real-life use cases in just a few minutes.
- How AI is revolutionizing document processing
- Overview and advantages of intelligent document processing
- AI solutions: from separating, classifying, and reading your documents to analyzing their content
On-demand webinar
In this webinar, discover how quick and easy it can be to use AI for your documents. We will show you real-life use cases in just a few minutes.
- How AI is revolutionizing document processing
- Overview and advantages of intelligent document processing
- AI solutions: from separating, classifying, and reading your documents to analyzing their content
Why you should rely on ISR's advice
Over 20 years of experience in digital invoice processing
Everything from a single source: consulting, development, software, operation
Digitization of accounting using AI
E-billing is coming, and we know what we're doing
Get in touch with us now
We would be pleased to advise you.
Is your accounting department also affected by the shortage of skilled workers? Do you have more work than you have employees? With our many years of experience, we are here to advise and assist you in completely digitizing and automating your invoice processing. See for yourself how our innovative all-in-one solution for automated accounting with ISR Accounts Payable Flow and Buildsimple can help you.
If you have any questions or would like to learn more about our consulting services or software, please feel free to contact us!
Angelina Jordan
Account Manager
Business Process Automation
angelina.jordan@isr.de
+49(0)151 422 06 942