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10 warning signs that you are wasting your money on processing invoices
“I do it every day. Approve invoices. It works. What’s the problem?”
According to AIIM (The Association for Information and Image Management) you are not alone with that analysis. Their most resent research shows that more than half of all companies have not yet taken their first step towards automating the processing of supplier invoices. And with very good reason. It works. And those companies, who already have taken the first steps, are even better of. It works quite well.
Save 33% of 10-20€ per invoice
But it costs!
The same research shows that companies implementing a new invoice processing solution save an average of €5 per invoice. Improving the bottom line with 5 € times 1,000 or 10,000 or 100,000 each year. Even the ones with a first generation solution in place.
Maybe it’s time to take a closer look at your invoice processing anyway? Even if it works.
Look at our checklist, to see if any of the 10 signs applies to your organization.
The 10 signs
10 signs that you are wasting money
- Invoices on paper, in PDF, XML, and EDI are not processed in the same solution
- Accounts Payable keeps copies in ring binders, filing cabinets, or as PDFs on file servers
- Booking and coding of invoices is done manually
- You keep personal copies
- You call Accounts Payable to get a copy of an invoice
- You distribute invoices for approval on paper or by email
- Invoices are waiting for your approval when you return from vacation or business trips
- Suppliers call on unpaid invoices
- You don’t collect early payment discounts
- You don’t have an up-to-date cash flow overview
If you don’t recognize any of the signs above, you are probably in the clear. Congratulations and move on to other optimizations.
If you do, and you may very well do even if you already have a first generation solution in place, and even one supplied by us, give us a call. And better today than tomorrow.
Don’t leave gold on floor
And remember: The cost savings are really just the icing on the cake.
The true and long-term benefits come from freeing your organization from the tyranny of paper, emails, post-its, spreadsheets, and more or less manual processes.
This will boost your scalability, increase you corporate efficiency, and improve the personal joy of work.
We are currently doing an invoice processing campaign. Take a look at the campaign mail, or look up our Next Invoices product.
