What are the benefits of a digital approval process for incoming invoices?

The invoice approval process is an important process in any business. The review and approval of incoming invoices differs from company to company and is highly dependent on structure, departments and location. Last but not least, the industry, the acting persons, the management as well as the tax advice influence the release processes.

According to a 2019 study by B&L Management Consulting GmbH, the average internal turnaround time for an incoming invoice without a purchase order is 10.5 days. Some participants even came up with 30 days. Here, cash discount deadlines are possibly or even definitely missed, and there is a threat of reminders and unnecessary reminder fees. As a result, the previous trusting cooperation with suppliers and service providers is jeopardized and the good reputation is at risk.

With a digital approval process, e.g. with ShakeSpeare Invoice, the incoming invoice workflow can be effectively supported. So why not automate manual activities, saving time and money and enjoying many other benefits for your company and your employees?

S-contract ist die Software für das unternehmensweite Vertragsmanagement.

Would you also like to get to know our software for digitizing incoming invoice processes?


Goodbye signature folder! Since 2019, companies have to accept digital invoices.

In the best case scenario, the process runs quickly and with as little human intervention as possible. Why is simplifying the incoming invoice process so important?

Standardization and simplification of processes.

The right software, such as ShakeSpeare Invoice can be easily, quickly and flexibly customized to your business.

  • Invoice receipt simpler, through scan-in and mail-in modules, invoice receipts can be scanned on the go with a smartphone.
  • Responsibilities become clearer, there are no overlaps
  • Control and release processes can be better defined and controlled (if a certain amount is exceeded, management automatically releases the invoice)

Transparency

Transparency minimizes risk and enables all users to always keep an eye on the current status.

  • All invoices at a glance in the digital invoice ledger
  • Revision security, retention periods are adhered to

Cost savings

Companies not only save money by automating invoice receipt, but also create added value in other areas.

  • Processing times are reduced, deadlines are recognized immediately, discounts can be used and payment targets can be met.
  • Satisfied suppliers and service providers thanks to timely payment of open invoices
  • Personnel bottlenecks, e.g. in the event of illness, personnel changes, or the departure of an employee, can be better dealt with because all data is in one place
  • More efficient work possible
  • Less effort for printing material and paper. This is not only good for the wallet, but also for the environment. 

Error prevention

Manual data entry brings with it many disadvantages, because invoices can get lost and errors can quickly occur during data entry. Workflow software eliminates these sources of error.

  • Automatic text readout (artificial intelligence), errors are thus avoided
  • Management. If an employee is absent, the release is automatically assigned to the stored substitute).
  • Reminder of the persons involved if an invoice is forgotten
  • No double payment and no loss of invoices due to duplicate checking

Time saving and flexibility

Digital invoice processing is designed to make it as easy as possible for users to bring in invoices.

  • Invoice turnaround time can be reduced to 2-3 days with a digital process
  • Documents are available for the accounting department read out and pre-assigned
  • Approvals can be carried out easily and in parallel from anywhere (e.g. home office).
  • Rejection of an invoice is just as easy (rejection letter automatically generated)
  • Data transfer, e.g. to DATEV, MS Navision 360 or SAP through interface adaptation

Compliance for checks and audits

Compliance is an increasingly important topic in the economy and in companies. In audits, companies have to prove more and more often that they comply with the laws of the state and the rules of their profession.

  • A
  • All documents stored audit-proof in DMS
  • All release histories stored in database unchangeable with time stamp
  • Various automatic checks (e.g. IBAN check) for increased security and fulfillment of compliance requirements

Digitize your incoming invoices too

From Paper to Digitization – How to Transform Invoice Receipt Processing?

Invoice approval is a classic paper process in which letters are received, opened and move through the company via a filing system. They are then approved by the individual responsible using a stamp, signature, checklist or routing slip.

In the digital process, electronic invoices are sent directly to software where they are approved electronically and sent to the accounting system.

Here is a brief comparison of the individual sub-areas:

 PapierformDigital
Rechnungseingang anX Ansprechpartner im UnternehmenZentrale Rechnungsadresse
RechnungsformX Papier und teils digitalDigital, per Mail-In-, Scan-In-Modul oder Smartphone
SpeicherortX Dezentralisiert, ArchivZentralisiert, Cloud oder Server vor Ort
FreigabeprozessX Manuell und/oder per E-MailAutomatisiert über Freigabeworkflow
FreigabeortX BüroLaptop, Tablet, Handy, Home Office
FreigabemediumX Stempel, StiftDigitale Freigabe
DurchlaufzeitX Bis zu 30 TageBis zu 4 Tage
Revisionssicherheit durch TrackingX neinja
Eingabe in BuchhaltungssoftwareX manuellAutomatisch per Schnittstelle

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