Proper invoice storage is pivotal for accurate financial tracking, ensuring timely payments, and meeting compliance requirements. This guide will discuss the transition from physical to basic digital systems, their limitations, and how Kloo offers a superior solution for modern businesses.
Traditional Invoice Storage
Historically, invoices have been filed away in cabinets, a method that presented several issues:
- Space Limitations: Physical storage can quickly become overwhelming as a business grows.
- Difficult Retrieval: Finding specific invoices in a sea of files is inefficient and frustrating.
- Damage Risk: Paper invoices are vulnerable to loss, theft, and environmental damage.
Basic Digital Systems & Their Limitations
As businesses move towards digitalisation, basic digital systems have become a stepping stone in invoice storage. These systems allow for electronic filing, but not without their own set of limitations:
- Manual Data Entry: Even though the invoices are digital, they often require manual data input, which is time-consuming and error-prone.
- User Unfriendliness: Many systems are not intuitive, leading to a steep learning curve and resistance from staff.
- Limited Searchability: Finding invoices can be just as cumbersome digitally if the system lacks advanced search functionalities.
- Poor Integration: Basic systems may not integrate well with other financial software, hindering the flow of data across business processes.
Kloo’s Advanced Digital Invoice Storage Solutions
Kloo addresses the shortcomings of both physical and basic digital systems by providing an advanced, user-centric solution:
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Digital Archiving: Kloo facilitates simple invoice importation, allowing documents to be uploaded and stored in an organised vendor portal, streamlining access and retrieval.
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AI-Enriched OCR Data Extraction: With OCR technology, Kloo scans and extracts data from invoices autonomously, eliminating manual entry and reducing the chances of human error. This data is then enriched with AI, eliminating the need for manual data input.
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Automated PO and Invoice Matching: Kloo’s system uses AI to intelligently match purchase orders to invoices, providing an automated and customisable approach to align purchasing policies with business operations.
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Customisable Invoice Approval Workflows: Tailor approval workflows to suit your business structure, directing invoices to the correct departments or individuals for efficient processing
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Off-Platform Email Approvals and Slack Integrations: Approvals don't have to be confined to the platform; Kloo enables approvers to authorise invoices via email or Slack, significantly speeding up the process.
Key Takeaways
While most businesses have moved away from traditional paper storage methods, basic digital solutions may not fully address the needs of modern businesses.
Kloo’s innovative approach to invoice storage offers an all-encompassing, efficient, and user-friendly solution. By leveraging Kloo’s technology, businesses can ensure their invoice storage system is as efficient as their payment processes.
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