A quick, super-efficient, but an often-overlooked step towards digitalization. Have you made yours yet?
To Scan or Not to Scan the Invoice? That is not the question.
Digital Transformation doesn’t need to happen overnight. It is fairly enough to start with small steps, tackling the most painful points in your work model. And what’s one of the most painful points for many construction companies? It’s The Documents. One may argue that piles of documents are one of the best starters to improve performance. Here, invoices represent a great portion of all documents. And a great portion of costs associated with their management, affecting the bottom line.
Moving from paper to digital documents is time- and cost-efficient, and actually, fast, with the right tools. There are perhaps three key steps in moving on to digital invoice management right:
1. Selecting the right software for invoice management
The software absolutely must not only include the invoice data transfer or input, but also the invoice scanning. The simpler it can be, the better. In our example, when the clients use our system, they need no additional equipment: the print invoice received from a supplier can be scanned either via regular scanner or a mobile SBS app. Once the invoice is scanned, it is further passed on for digitization, and is then stored in the system.
2. Integrating it with the other software components
It’s just as important to integrate the invoice management software with the other component and solutions. As with many other components, a common mistake that numbers of companies slip upon is conducting a cost-benefit analysis and selecting the software that is not further integrated with other solutions as a component (such as resource or estimate planning or project management solutions). Invoice management must become a part of the processes in your company, linked with all other parts. Otherwise, it will become just another pain point.
3. Assigning the responsible employees
One of the reasons why print invoice management is costly stems from inefficient allocation of human resources and costs. The team members responsible for financial management and accounting create greater value for the company when their routine tasks are automated. It is achievable when just one or several employees in the company are assigned as administrators for digital invoice management. Once the responsible employee reviews invoices on a regular basis, registers the key records in the system, and assigns the ‘review-and-confirm’ tasks to other colleagues, the process becomes partially automated. The process is shortened since the employees in charge – be they project engineers, managers or accountants – can quickly review the invoice. It is then associated with the specific project, recorded in the system, and confirmed for execution. Certainly, the procedure for invoices issued as PDF files is similar. As a result, you already save resources and begin to store the project data and documents digitally that can further be retrieved from the system and managed at any time.
Shifting to digital invoice management is one of the steps to overall digital document management. In fact, a critical one. Have you made yours yet?