Reduce Costs and Increase Efficiency with Invoice Processing

According to the Aberdeen Group's Invoicing and Workflow whitepaper by Scott Pezza, the best-in-class automated invoice processing can cost 80% less than the industry average processing cost, and 92% less than industry laggards. Best-in-class automated integrate invoice processing statistics:

This means that there will be major cost savings when switching to automated invoice processing in comparison to manual invoice processing. Electronic processing allows the invoice to automatically determine if it fits the terms of agreement. This makes the processor a time and cost-saving tool. A few invoices here and there may not seem like big savings, but if a company has over 10,000 invoices per month this will bring forth significant cost reduction.

Automated invoicing is the shortcut to cost reduction

Cost and efficiency are only the starting points for reasons to automate invoice processing. Additional benefits include better spending visibility, virtual real-time cash flow management, less executive and employee non-productive administrative time and improved processing accuracy (which also reduces time spent on discrepancies and write-off expenses). Benefits will be further maximized for employees and executives when they are combined with automated travel and expense reporting, which many of the AP processing software companies provide.

For our ERA clients, this is a great starting point to enable faster and better expense data gathering and expense monitoring. It is an excellent jumping-off point to start taking down expenses in many of our specialty areas once we know that all incoming expenses are being captured and posted accurately and in real time. There can be significant savings with a number of SaaS-based potential vendors in this space implementation of an automated AP on even 1000+ person companies or small companies (50 people or less). The more complex the received invoices are, the greater the savings.

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