Will 2018 be the year you take full advantage of automation that reduces the costs of manual and paper-based invoice processing?
According to research by the Association for Image and Information Management (AIIM), the average cost of processing an invoice is $12.90. That average cost jumps to a staggering $18 to $25 per invoice for non PO-based invoices.
When it comes to paying those invoices, the Aberdeen Group reports that the average paper check transaction costs the accounts payable department $7.15.
What’s behind these costs?
According to an American Productivity & Quality Center (APQC) survey of 997 organizations, 62% of total accounts payable costs are labor. And what drives much of the need for that labor? The need for manual intervention due to data errors in POs, shipping and receiving documents, and invoices.
According to an article about the survey published in CFO Magazine, “Such errors prevent the buyers’ transaction-processing system from performing automatic data matches that are necessary for the system to designate automatically that a payable is “OK to be scheduled for payment,” and, “…the simple truth for most CFOs is that the cost of dealing with paper invoices is a burden that no longer can be justified.”
The good news for CFOs, Controllers, and the companies they work for is that invoice processing costs can be reduced by up to 80% by automating the manual processing of paper-based invoices and payments.
InvoiceAnywhere from ExpenseAnywhere is a paperless invoice management system that guarantees 100% accuracy of the data captured from vendor invoices while it reduces the time and labor, and therefore the operating costs, associated with processing invoices. By automating your existing accounts payable processes for processing vendor and supplier invoices in 2018, you will improve the overall financial performance of your business not only by lowering labor costs but also by eliminating costly errors such as duplicate payments, missed early discounts, and even the risk of fraud.
The costs savings with InvoiceAnywhere extend beyond accounting. Buyers, department heads, and other executives who today are occupied with manually reviewing, validating, routing, and approving supplier invoices will have more time to focus on the core business with InvoiceAnywhere thanks to the elimination of all data entry work and automation of all approval routings and processing.
And by automating these accounts payable processes, your accounting department and senior managers throughout the organization will have greater visibility into and control over corporate spending and cash flow.
Ensures agility in spend management: Manual and paper-based workflows in accounts payable create challenges to growth. Those challenges are rooted in increasing labor costs to process the greater volume of invoices that come with a growing business. Along with labor costs are challenges of accuracy with manual data entry. Those errors can include not just a mistakenly entered amount, but also a mistakenly allocated charge. With InvoiceAnywhere, companies and senior managers have a fully secured and integrated cloud-based invoice automation system where minimal manual work is required and where senior managers have spend data at their fingertips.
Improves supplier relations: Invoice automation with InvoiceAnywhere will help your business to improve and maintain good supplier relationships, and better supplier relationships will contribute in significant ways to your overall business growth. In addition to saving your company money, InvoiceAnywhere has the added advantage of being part of a strategy for attracting and retaining world-class vendors and suppliers who appreciate partners who invest in technology, especially when that technology ensures that their invoices are not lost, that they are paid on time, and that costly duplicate payments are never made.
Save time and money: Will 2018 be the year you take full advantage of automation that reduces the costs of manual and paper-based invoice processing? According to Developing People Globally, 57% of accounting executives spend 1 hour per day just searching for invoices or related documents. Automation with InvoiceAnywhere will give that hour – and more! – back to you, and will save you and your organization time and money by going paperless no matter the size of your business. Let us show you how.