It's an obvious statement to say that leaders of every organization of every type and size care about the profitability. They know there are always ways to do things faster, better, and smarter than they might be doing them today.
One of the things ripe for improvement in almost every organization happens to be a basic business process that has existed since time immemorial - processing and paying suppliers' invoices.
In fact, the whole procure-to-pay process is still far too manual, too inefficient, and too costly for most companies, agencies, and institutions.
According to Paystream's research, 75% of POs are sent either as email or actual paper. Even more staggering is the fact that 96% of supplier invoices are still paper-based, which includes email, regular mail, and fax.
Their research goes on to reveal that the invoice approval process is 66% email, 13% telephone, and 9% face-to-face communication which, in addition to be inefficient and costly, offers little to no audit trail or access to historical records.
So, organizations looking to lower their operating costs as one means for increasing profits should look for ways to automate manual, paper-based processing in accounts payable.
What are the potential gains? According to our customers, automating the procure-to-pay workflows and processes can.....
- Reduce invoice processing costs by 70%
- Improve on-time payments (avoiding late fees and realizing early pay discounts) by 75%
- Reduce processing cycle times by 80%
- Improve supplier satisfaction by 80%
InvoiceAnywhere is our cloud-based solution for delivering total automation of the procure-to-pay process. It's been designed and built to serve clients ranging from small and mid-sized operations to large, multi-national enterprises.
InvoiceAnywhere is architected to be highly configurable, and delivers complete purchasing and invoice management automation through a single code-base. This means clients operating in different countries can use the solution much more simply and cost-effectively across their global enterprise thereby minimizing implementation, maintenance, support, and training costs.
Inside InvoiceAnywhere is our proprietary, machine learning OCR processor. It converts paper-based invoices into digital invoices, and when combined with our man-machine interface, give us the means to ensure 100% accuracy of the conversion of the paper invoice into data.
Contact us today to learn more about how we will help you to eliminate paper and help you and your organization to grow more profitably by automating your accounts payable processes.