What E-Invoicing Really Means for You and Your AP
Invoicing Made Ridiculously Easy
As new innovations hit the market, how can you know if a new technology is right for you? Many promising, new technologies quickly fall by the wayside unable to follow-through with expectations – see RadioShack, the video app Vine, or the fire-breathing Samsung Galaxy Note 7.
The best way to analyze a new technology is to look for concrete ways the solution will actually impact you or your organization. E-Invoicing itself is not an altogether new technology, but the ease and simplicity with which companies can adopt this solution today is ground-breaking. Today we will look at the top seven reasons to use e-invoicing.
Vroozi has been a long-time advocate of paperless purchasing. Paper systems in the purchasing world are manual, inefficient, and can truly have a large impact on our Earth. Our efforts to make purchasing paperless are coming full-swing with the addition of Vroozi Invoice, which allows users to process invoices without ever printing or touching a piece of paper. No filing drawers and, more importantly, no painful searches through filing drawers. (“Where did I file that??”) E-Invoicing gives you quick access to your invoices from any device.
Procurement is all about creating the optimal purchasing solution to fit your organization’s needs. Invoicing needs to be as easy and simple as online shopping at home for yourself. After you purchase something online, you don’t have to fill out forms and file away invoices. Now, this can be just as automated in the workplace.
We believe that with the right procurement, you can make your money do a lot more than just purchase goods and services. Make your money do the talking for you. E-Invoicing adds an important factor in data analysis. With analytics, you can strategize and optimize spending that will revolutionize your purchasing process. Invoicing feedback is key to getting a full picture of your spending.
3- Way Checks
Hand in hand with data feedback is 3-Way Checks. Simply put, 3-way checks are the system’s match-up of your Purchase Order, Goods Receipt and Invoice. Never pay for goods you never received. Never pay inaccurate invoices. Never pay for duplicate invoices again. These errors add up quickly to kill your bottom line.
Cost Per Invoice
Cost per invoice is the cost to process just one invoice. Small differences in processing costs can quickly add up to significant savings or significant losses. For example, according to CFO.com, costs vary from $4.98 for top performers, $7.75 for the median, and $12.44 for bottom performers. For just 100 invoices, a bottom performer spends $746 more than a top performer. Each incoming invoice for a bottom performer represents about $8 in additional processing cost. E-Invoicing can quickly bring anyone to a top performer seat.
Effectively Fight Fraud
Nobody wants to believe that fraud can infect their company, but according to Kroll Global Fraud Report, 3 out of 4 of companies experienced a fraud incident in the past year. The fact is that the odds are against you. Today, many countries are adopting e-invoicing as a powerful way to fight and prevent fraud.
As with all technology, at the end of the day, the solution is only as powerful as the users who choose to comply. Without compliance, the most powerful system is absolutely worthless. A recent CPO Rising article recently stated, “Forty-two (42%) of organizations stated that mobile AP solutions would improve their AP function over the next 24 months.” So the right e-invoicing solution is key. Vroozi is a mobile-first procurement company, and that includes Vroozi Invoice. Vroozi Invoice is easy and accessible so user compliance comes easily.
E-invoicing is a powerful tool for any business, and Vroozi Invoice offers an easy-to-use and easy-to-integrate solution. If you are ready to learn more about e-invoicing and how it can help your organization improve processes, save money and fight fraud; request a demo today. One of our representatives will contact you and can answer any e-invoicing questions you have.