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The True Cost of Invoice Management


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Spreadsheets may seem free, but aren't. Organizations pay in employee hours, inconvenience and late payments when invoices are tracked and paid on old-fashioned spreadsheets. The True Cost of Invoice Management details these costs, and shows a better way - automating Accounts Payable in the cloud.

Manage invoices safely in the cloud:

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The True Cost of Invoice Management

  1. 1. Thetrue cost of INVOICE MANAGEMENT Managing cash flow with manual invoice processing is draining your business of time, money and resources. The spreadsheet technology your business relies on to approve and track invoices is older than the original Nintendo Entertainment System (NES). You wouldn’t rely on such outdated means anywhere else in your business. Why here? The average cost of manually processing a single invoice is roughly $13.50 but related hidden costs can really add up: 1. Top AP challenges with manual invoice management 2. True cost of invoice management Lengthy processing times High invoice processing costs Lack of visibility into invoice and payment data Inability to capture enough early payment discounts Late supplier payments 43% 33% 31% 30% 20% High operational costs General lack of visibilityErrors and delays The cost to locate a lost document can reach $120, and the cost to replace it, as much as $220. Many other SMBs are experiencing the same issues with manual and paper-based processes and are looking into AP management solutions that will allow them to spend less time processing data and more time understanding it. 4. You’re not alone There’s a better way! Check out Concur’s True Cost of Invoice Management to see how moving your invoice management processes to the cloud can save your business tremendous amounts of time and money. LOOK TO THE CLOUD of SMBs have expressed interest in automating invoice processing 62% — 2013 Ardent Partners, The State of AP in the SMB Market — Ardent Partners, 2013 State of AP in the SMB Market Causes your business to miss out on early payment discounts and lose efficiency. Many vendors may deduct 1-2% of the amount owed if the invoice is paid early. Download eBook Going paperless allows your business to take advantage of ePayments. According to the ePayments Rising 2014 Market Report, electronic payment processes can help enterprises: Moving away from paper checks does bring challenges, but the best invoice solutions address every major SMB concern about making this transition: 3. Going paperless Improve overall visibility into spending and ultimately cash flow Enhance the speed of payments and depth of information tied to those payments Bridge the gap between procurement and finance (and the CPO and CFO) Assist the AP department in reallocating resources into more value-added projects Integration to accounting systems Convincing suppliers to accept ePayments Privacy/Security of bank account information Lack of standardized format for remittance information Shortage of IT resources for implementation Suppliers have begun to recognize the positives that come with accepting ePayments: notably faster payment receipts, improved visibility, and the ability to more closely collaborate with their buyers We’re no stranger to managing sensitive data. Our clients include hospitals, financial services institutions and the US government. We are industry experts at spend management, and presence to help with change management We have partnerships with consultant groups that can help with anything from implementation to administration, to onboarding and training new hires 54% 51 % 37% 34% 26% SMBs concerns with ePayments Concur solutions — Ardent Partners, 2013 State of AP in the SMB Market Concur currently offers integration connectors for the most popular accounting systems Employees spend an estimated 20% of their time looking for documents. So, in an office of 20 employees making $40,000 each, that means an annual $160,000 committed to digging around.