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Invoice processing is one of the most common functions of any organization. Yet, it is still one of the most labor intensive processes due to lack of automation, lost documents and even fraud. In a recent study by the Aberdeen Group for Invoice Processing, the Best in Class companies where distinguished by their ability to efficiently and effectively handle invoices. Best in Class averaged: 3.8 days to process an invoice (Industry average 9.7 days) $3.09 average cost to process an invoice (Industry average $15.61) 4.1% year-to-year increase in early payment discounts (1.3% discounts) By comparison, those companies which struggled and considered to be laggards averaged: 20.8 days to process an invoice $38.77 average cost to process an invoice .5% year-to-year early payment discounts That’s a difference of $35 PER invoice! 10,000 annual invoices could be costing you $350,000 in wasted expenses not including any discounts you missed.
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www.papersave.com [email protected] 877-727-3799
IS YOUR AP DEPARTMENT COSTING YOU MONEY?
Invoice processing is one of the most common functions of any organization. Yet, it is still one of
the most labor intensive processes due to lack of automation, lost documents and even fraud.
In a recent study by the Aberdeen Group for Invoice Processing, the Best in Class companies where
distinguished by their ability to efficiently and effectively handle invoices. Best in Class averaged:
3.8 days to process an invoice (Industry average 9.7 days)
$3.09 average cost to process an invoice (Industry average $15.61)
4.1% year-to-year increase in early payment discounts (1.3% discounts)
By comparison, those companies which struggled and considered to be laggards averaged:
20.8 days to process an invoice
$38.77 average cost to process an invoice
.5% year-to-year early payment discounts
That’s a difference of $35 PER invoice! 10,000 annual invoices could be costing you $350,000 in
wasted expenses not including any discounts you missed.
So, what do many of the Best in Class have in common? Investment in Electronic Management
Systems and Automated Processing Workflows. The answer: PaperSave
PaperSave Workflows allow you to electronically route, review and approve documents quickly,
efficiently and without error. With a well-defined invoice approval workflow can reduce time,
labor, mistakes and even help prevent fraud.
www.papersave.com [email protected] 877-727-3799
So, how do you get started and on your way to being Best in Class?
Contact your PaperSave Account Rep to learn more about workflows, schedule a demonstration
or even attend PaperSave’s world-class Workflow Training Course to learn how to bring workflows
to your organization.
Sign Up Today!
