If you haven't already, it's time to formulate and execute a strategy to automate invoice processing. The direct and indirect costs of manual processing are just not necessary.
Don’t just take our word for it. Talk to your Accounts Payable team. If you hear these top issues, challenges and frustrations then it’s definitely time to act:
- “We receive paperwork in many different sites. The first we know about the invoice is when we are being asked for payment”
- “Errors are being made with keying the invoice information into our Procurement system”
- “Getting invoice information into the system takes too long and we have to keep employing people just to keep up”
- “We get a lot of invoices that come in with suppliers not quoting the purchase order number or with other issues on the invoice”
- “We need to get more suppliers to send us invoices electronically – EDI, XML, PDF, Emails, PO Flip etc.”
- “The time it takes for us to approve invoices means we are always being chased by suppliers, and passing invoices around causes issues”
- “Currently, we have some invoices stored here, others go off-site, it’s not cheap or easy to then retrieve and we do get lost/misplaced documents”
- “It takes too long for clerks and managers to retrieve invoices”
- “It would be good to know how we can get even more from our Finance/ERP solution”
- “It is difficult to know where the invoice is in the process”
The good news is the technology to eliminate the great majority of paper handling is available, affordable, and easily implemented within the context to your existing financial systems. And the benefits go beyond cost reduction to creating a cost management and information availability advantage that will help your company better compete for years to come.
Just keep in mind that automated invoice processing is about more than just scanning invoices into a document management system or capturing invoices electronically. To get the results you’re really after, you want to automate the full invoice lifecycle from the time they are received to the time they are authorised for payment.