Ten Facts About Saving Money Through Invoice Automation
1. According to Zona Research most organisations that implement invoice automation see a return on their investments within half a year
2. Most of the costs associated with invoice processing are related to labour. Invoice automation can reduce your businesss labour costs which are associated with invoice processing by up to 60% in a year.
3. According to the Institute of Management and Administration (IOMA), it costs firms who have not implemented invoice automation 7 to process every vendor payment. Conversely, those which use invoice automation solutions can cut this to just over 4. This slashes costs by almost 60%.
4. Invoice automation will reduce your staffing needs you will need less/no more accounts payable staff as invoices will be processed faster. The need for temps will be reduced and overtime should not be necessary.
5. Purchase to pay solutions can reduce the invoice approval time by as much as 30%.
6. Automated accounts payable processes better equip your business to take advantage of early payment discounts typically 2% of an invoice if you pay within ten days.
7. Outsourced accounts payable processes also mean you will waste less money on late payments because youll have more control over when you pay.
8. Invoicing software will reduce the number of mistakes that your accounts payable team makes and also the time spent sorting them out.
9. Investing in automation software can realistically slash your invoice storage costs to virtually nothing. You wont need to store many paper documents so you wont need anywhere to store them or to pay out for cabinets and stationery etc.
10. A purchase to pay solution will reduce the costs of processes such as posting invoices, and faxing, copying and printing them.
by: Sarah Cornish