How do you feel about the amount of time it takes to input your invoices into QuickBooks? Is that something you dread or are able to handle with ease? Do you know how many hours per week this consumes for some people? It's not uncommon for a bookkeeper, accountant, or CFO to spend up to 10 hours per week on this task. That is more than an entire day of their workweek!

What if this work could be cut from hours to minutes and save 2% on each invoice you process? Well, Majime can help make that a reality! We can implement invoice automation software that will save you hours of data entry and improve your bottom line by helping you negotiate and realize early payment discounts.

A recent study by the Association of Professional Invoice Automation Systems (APISA) has shown that adoption rates for invoicing automation are on the rise. The study found that over 70% of small businesses use or plan to implement invoice automation in their organization this year, an increase from 60% last year. These numbers show that many entrepreneurs are recognizing the benefits of automating their invoices and billing processes.

This blog post will look at the benefits of automated invoice processing and how it works. Both large and small enterprises still process invoices manually and are leaving money on the table. We will discuss how implementing Vantage for invoices will cut processing costs and decrease bill costs by meeting early payment deadlines.

What is Vantage?

Vantage is an easy-to-use data capture application that can automatically extract key invoice data, including line-item details. This includes assigning General Ledger (GL) codes, Purchase Order (PO) matching, Voucher creation, and approval routing. By turning invoice images into structured data, Vantages' Accounts Payable processes for automation allows organizations to reduce data entry time by up to 95%, eliminate the need for manual verification of information on each invoice, and enable employees to generate reports with just a few clicks.

How it works

Vantages' out-of-the-box platform provides users with a set of core cognitive skills for processing documents of any kind—structured, semi-structured, or unstructured. This includes all types of invoice data, including machine printed, hand printed, barcodes, signatures, and checkboxes, resulting in successfully extracting invoice data quickly and accurately.

Vantage includes pre-built core cognitive skills for invoice recognition to make OCR, classification, and extraction easy. The classification and extraction skills provide supervised and unsupervised continuous training and create new learning models based on expanded sample sets and user input.

As Vantages' digital "worker" or "robot" works, data is automatically extracted, including line-item details, from invoices to create structured data. This automated extraction of information helps streamline the Accounts Payable process by assigning GL codes and routing approvals for vouchers created in the system. With just one scan, this optimization technology extracts all relevant invoice information—including vendor name, PO number or purchase order numbers, product description, quantity ordered or sold—and assigns it to the corresponding General Ledger code (GL). Vantages' technology captures and teaches itself to identify invoices based on their layout and then automatically stores that information for future reference. It also intuitively maps the data fields in each invoice and stores them in a database.

Data captured by Vantage can be used to rename the image file, index the invoice image in your document management system or network drive, automate data entry to your ERP, match the invoices to POs, and route for approvals.

Benefits

With Vantage, you can focus more on growing your company instead of spending time organizing expenses and managing bills from vendors. In addition, Vantage offers features such as invoice matching, automated reconciliation, custom branding options, and much more!

• Save time and money by automating data entry 
• Reduce the risk of human error 
• Match invoices to POs for quick reconciliation 
• Cut your operating expenses by realizing prompt payment discounts

To stay completive in the ever-changing world of technology, businesses need scalable and easy-to-implement solutions for automating repetitive tasks. With Majime, we can implement accounts payable automation in a matter of weeks, not months. No matter where you are in the digital transformation journey or what your technology stack looks like, we have flexible solutions to fit your unique needs.

Early Payment Discounts

By working with Majime on accounts payable automation, you will dramatically cut the time it takes to process invoices. In addition, we make it easy for you to make payments within ten days, allowing you to realize early payment discounts.

You may already notice on your vendor invoices terms such as "2/10 Net 30." If paid within ten days, this translates to a 2% discount, or the total amount is due in 30 days. While a 2% savings may not seem like much, it can add up to tens of thousands in savings for small businesses. Larger enterprises can realize hundreds of thousands of dollars in savings over the year. 

Now, you may be saying to yourself that only a handful of vendors currently offer early payment discounts. However, you may not realize that these terms are easy to negotiate, and many of your vendors may already be offering discount terms to their other customers.

When Majime assists you in AP automation, we can provide strategies and templates for reaching out to your vendors and persuading them to provide these early payment discounts. Soon after implementation, you will see significant savings along with the quality-of-life improvements automation makes.

Do not hesitate to reach out and schedule a one-on-one call or demo with one of our consultants. The sooner you modernize your accounts payable department with automation, the sooner you will realize a positive impact to your bottom line.