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In accordance with Research most organisations who use pay to get invoice solutions recoup their investments within half a year. These are the primary areas where costs will undoubtedly be reduced:
- Payment speed
- Storage costs
- Operations costs; Additional benefits
- Staff cost benefits
- Receiving invoices
- Sort and filing
- Printing, copying, faxing and posting
- Looking for misplaced invoices
Based on the Institute of Management and Administration (IOMA), it costs companies with a minimal degree of invoice automation £7 to process each vendor payment. Companies with a higher degree of automation report reducing this to around £4.20 - a saving of almost 60%.
Say your organization spends £7 per processes and invoice 50, 000 invoices a full year, a 60% reduction through invoice automation represents an annual saving of £210,000. Many companies report seeing these savings in the initial year of implementation.
Invoice automation means your company will be able to produce invoices quicker and accurately so you will also save money by way of a reduction/stabilization in the amount of staff you have to employ and a decrease in the necessity for temporary staff and staff overtime.
What's invoice automation?
Pay to get invoice solutions include software modules (or a choice for an outsourced service) which provide:
- Invoice scanning
- Import of EDI invoice
- Extraction of line and header items
- GRN and po matching
- ERP database data matching
- Nominal coding
- Workflow and routing approval
- Posting to the ER system
- Tax compliance