Every business is under intense pressure to reduce operational costs.
One way to accomplish this is to reduce the high cost of invoice processing.
Manually processing invoices results in significant operational overhead:
- Costly and error-prone keying of invoice data
- Lost or misplaced invoices
- Long approval and exceptions cycles
- Compliance and security risks
- High paper storage and retrieval costs
- Delays in posting approved invoices to an ERP
- Time-consuming supplier inquiries
It is no wonder that it costs 39 percent of businesses surveyed by IOFM more than $6 to process a single invoice. Many businesses pay significantly more – some more than $25 per invoice!
Automating invoice processing significantly reduces invoice processing costs in five ways:
- Extracting data from invoices received in any format, from any location
- Validating invoice automation without manual keying
- Electronically routing invoices based on pre-set rules for approval and exceptions handling
- Seamlessly posting data on approved invoices to an ERP system
- Digitally storing invoice images and data for safekeeping and instant retrieval
As a result, automating invoice processing delivers costs savings of between 60 percent and 80 percent compared to manual, paper-based processes, per benchmarking data from Billentis.
Businesses can achieve even greater cost savings by automating their payments to suppliers.
Want to reduce your invoice processing costs? Contact ACOM Solutions today!