If you were to ask 100 companies if they would like to reduce their invoice processing costs, there is a high probability that 99 of them would say “yes.” And the one that says no? They’ve probably started their invoice automation journey already — with a full invoice management system implemented and operable. For businesses that are still managing invoices manually, an invoice management system can provide considerable cost savings while bolstering efficiency to help your Accounts Payable department improve cash flow management and visibility.
Let’s face it, manual invoice processing is expensive and time-consuming. It’s a grim reality that other companies have been grappling with for a long time. Here’s what they’re saying:
What Other Companies Are Saying About Invoice Management Systems
The Institute of Financial Operations surveyed companies about their current approach to invoice management. Here’s what they had to say:
of organizations still deal with paper invoices and transaction documents
said that their volume of invoices increased or remained roughly the same over the past year
reported that the bulk of their increase in invoices was paper-based
confirmed that half or more of their invoices arrived in paper format
of total invoice volume was paper-based for majority of businesses
of companies required between 5 and 25 full-time employees for invoice entry and validation
had a steady or increased number of errors during invoice entry and payment in the last 18 months
of organizations said that PO-based invoice automation is important to a comprehensive automation project
60 percent said that they were focusing on controlling their spend and ensuring that purchases were made with preferred suppliers
were focusing on eliminating mismatches and exceptions that lead to blocked invoice payment
noted the average time it takes to process an invoice increased over the past year
were able to capture “a significant amount” of early payment discounts with invoice processing automation
used front-end document capture software
used optical character recognition (OCR) software to replace manual ERP keying
had full data extraction and ERP validation capabilities
The statistics illustrate an alarming trend. For most companies, invoice processing is still a largely manual process, but they are also spending more time thinking about their AP processes and how they can improve them with an invoice management system.
What You Can Do To Reduce Your Invoice Processing Costs
Reducing your invoice processing costs is easier said than done, which is why we have developed comprehensive solutions, including invoice validation software, to help companies overcome these challenges. Most of our customers achieve a full ROI within one year of implementation with a 75 percent reduction in invoice processing costs. With a robust invoice management system and invoice automation capabilities, you can avoid late payment fees and expedite invoice processing to capture a higher percentage of available discounts.
IntelliChief customers also benefit by:
- Reducing AP cycle time by 80 percent
- Preventing time-consuming manual data entry mistakes
- Improving visibility into the Accounts Payable processes with intuitive, decision-enhancing reports
The best part? You can keep your specific processes in place. Strategic automation is all it takes to achieve these results. with our invoice management system.