How Much Could You Save through Automated Invoice Receipt & Processing?
Complex systems like routing invoices, approvals and payments can be a nightmare to orchestrate manually. These processes that are disastrous when not organized can be beautiful when processed smoothly.
Ease Your Employees’ Burden
The right e-procurement system makes Invoice Receipt and Processing automated and instantaneous. Employees don’t have to waste precious time filing and tracking invoices by hand, because your procurement system can automate the process for you giving users instant access digitally to any document they need.
This means employees can use their time doing what they do best and what they enjoy most, creating a more strategic purchasing process.
Minimize Invoice Errors
A huge benefit from automated invoicing is more accurate payments. The main issues with invoicing by hand include:
- Paying for incorrect invoices
- Paying for duplicate invoices
- Paying for goods not received
The savings that come from automated invoicing can mean huge savings for you. Using e-invoicing allows your system to automatically 3-way match purchase orders, good receipts, and invoices. Any discrepancies in the procurement software alerts the user and stops overpayments before it is too late.
Procurement Savings Measurement
From a recent CFO.com study, the cost of processing a single invoice varied from $4.98 for top performers, $7.75 for the median, and $12.44 for bottom performers. That means in just 100 invoices, a poorly performing company spends $746 more than a top performer, and each incoming invoice for a low performer costs about $8 extra.
Learn more about how to save employee time and minimize invoice errors with a live Vroozi demo.