Paying invoices; it’s time consuming, repetitive and let’s face it, boring. As we operate in an expanding market with overwhelming to-do lists, sometimes it’s hard to put your focus on improving your systems internally. Business priorities are often geared towards how to get more clients or the best ways to reduce costs, rather than making staff more efficient, but digitising and automating a task as simple as invoicing, can and will reduce data entry time and improve accuracy. If you’re a business that tends to receive a lot of invoices from the same suppliers on a regular basis, which I think we can all agree, is pretty common, you will know how tedious entering all those repetitive details into your accounting software (every damn time!) can be.
At IQPC, we’ve found some time saving online services that have helped us so much and we thought it would be rude not to share. For a fraction of the cost it would take your accounts payable team to manually add in all those invoice details, some online services such as Entryless and InvoiceSmash can do most of the work for you. These kinds of services are reliable, fast and highly accurate … even at 4:30 on a Friday afternoon. Essentially, through its cloud-based technology, InvoiceSmash has innovative closed-loop learning capabilities that converts invoice attachments from your email, into the field formats required by your accounts payable program, all at a cost of around $40 per month, we think that’s a pretty good return.
We’ve been using InvoiceSmash for over two years at IQPC and over that time, it has automatically submitted thousands of invoices to our accounting system (we use Xero), and saved hundreds of hours of boring, repetitive work. Finding these kinds of internal process driven efficiencies, is so beneficial, especially if you have a small business where your resources are limited.
We think it could be worth giving it a try, it might just free up a bit of time for you to tick that lagging item off your to-do list!