How much time and money are you wasting on your invoicing process?
Is your Accounts Payable process slow, error-prone and costing too much? Then read on!
Dealing with invoices is a laborious, time-consuming process. Invoice receipt, data capture and then matching the invoice to a purchase order all takes time and if the data isn't correct at point of invoice receipt then you're creating problems for yourself.
There are simply not enough hours in the day – and while AP isn’t typically seen as a revenue generator, they still play a huge role in the business in freeing up necessary cash, ensuring that delays in getting suppliers paid aren’t spiraling.
Now, we know that from our conversations with AP managers and Financial Directors at large organizations, it’s sometimes too difficult and expensive to overhaul long-established operational practices. But if we show you exactly how electronic invoicing streamlines your AP processes, you might just see how our fully managed SaaS solution provides a rapid return-on-investment.
So how much does it cost to process an invoice?
The average AP clerk can process 5 manual invoices per hour – data entry, proofing manual data entry, correcting those mistakes, and finally processing the invoice. Then comes more delays with posting, validation, any disputes around the invoice, the payments being made, and eventually archiving the invoice.
Take a second to consider how much time is lost doing the actual document handling in your business - and more importantly, the hidden costs around this process that results in a higher cost-per-invoice. With all of the above involved, the average cost-per-invoice could work out to around $15.80.
Whether you’re processing 100’s or 100,000’s of invoices, the problem remains the same – multiple inbound documents with a range of different formats with potentially different data capture requirements needs a lot of AP clerks to process them.
How can I get my invoices paid faster?
We estimate that you can improve the processing of invoices by between 60% - 75% by using CloudTrade’s technology - we process documents in minutes not hours or days like many BPO or other capture solutions. With the right technology, you could be processing more invoices, while keeping the costs-per-invoice much lower and helping your key staff focus on their core business objectives.
CloudTrade’s solution can reduce your cost of invoice processing by automating the capture process and dramatically cut down on the errors you're experiencing with old OCR technology. With top invoice automation performers achieving a processing cost of $2.20, there is great potential to save your organisation money and add value to the bottom line.
With CloudTrade, we can capture your data electronically directly from incoming invoices and facilitate automated straight-through-processing which allows your business to save time and increase your margins.
Our capture solution extracts and validates the data layer from the PDF to ensure 100% data accuracy for every line on the document. Once captured, this is passed to the back-office processing application in individual transactions, with all of the data required and in a format that will enable automated processing.
The solution we can put in place requires a low level of IT changes, it’s quick to implement, and it adds more quality to your invoicing process, because we can guarantee high data accuracy.
It’s appropriate for all sizes of companies with high invoice numbers, and it means your AP team can take their hands off processing every invoice and get back to doing activities that are far more valuable to the business.
Is Electronic Invoicing right for my business?
The approach is the most popular way to invoice, irrespective of the size of the AP team - if your volumes of invoices are a burden, then you need e-invoicing. Why?
- Non-disruptive move from human processing: Electronic invoicing with CloudTrade can be out-of-box. No complex technical or process changes are needed – for most it is a simple set-up and easy supplier onboarding process.
- Quick speed-to-value: With minimal or no changes needed for your suppliers, on-boarding is far quicker than with traditional EDI or portal systems. Successful onboarding is measured in weeks rather than years (we’ve seen this with other providers).
With electronic invoicing, the Accounts Receivable clerk can make the switch.
- No need to go through the laborious process of manual checking & updating every single invoice
- Reduce your invoice error rate
- Saving time on your processes means savings on the bottom line too
- A faster process to get more invoices out of the way
- Collect more data and get better insights
- Increase employee productivity
- Increase your level of control and productivity
- It is quick and simple and why so many suppliers – irrespective of size – prefer PDF invoicing over other e-invoice submission options
So, ask yourself these questions about your business:
- How are we processing invoices currently?
- How often do you touch inbound invoices?
- How quickly are you processing one document?
- How much is it costing to process them?
- Are you having to use temporary staff to input or correct errors made by your capture process?
- Is your data accurate after capture?
- Are you meeting your capture SLAs for your suppliers?
- What efficiencies will be gained by automating the process?
We process business documents automatically 24 hours a day, 365 days per year, that's over 10 million a year all processed with 100% accuracy. Engaging with 50 technology partners servicing around 600 customers and also have a number of direct customers using the service. CloudTrade receives and processes documents from over 40,000 unique senders. We also enable 300+ new senders every month for SAP Ariba.
We’d love to help you meet your business automation needs.