Due to the resulting efficiency and time savings of AP Automation, most iPayables customers have reduced their processing costs to less than $1 per invoice! It’s just the facts. To give you an idea of how stellar this is, your typical average performing AP Department pays around $7.75 per invoice and a bottom performing AP Department can pay upwards of $25! If you need help calculating your current cost per invoice, please email us at [email protected].
“Not only has InvoiceWorks enabled us to significantly cut costs and strengthen our internal process controls, but it has also helped our suppliers cut their own costs and reduce the risk of payment delays. For every invoice through iPayables, you’ve reduced our workload 100%.”
– Sherryl Garrett, Manager Corporate Disbursements at American Airlines
(Data source: http://ww2.cfo.com/expense-management/2015/06/metric-month-accounts-payable-process-cost/)
The facts also state that more invoices can be processed a day per employee with Electronic Invoicing versus traditional paper processing! Because of the massive increase in productivity, organizations who have implemented iPayables InvoiceWorks®, have experienced (on average) a 64% reduction in manual labor! How much more efficient would you be if you could process 437 more invoices a day per person?
“Utilizing InvoiceWorks, JetBlue’s Accounts Payable department has generated substantial revenue. The savings we have generated have by far offset the costs of AP Automation. Our invoice processing time has been reduced to just seven days for internal approvals.”
-Joni Geurts, AP Manager at JetBlue
According to a recent study of iPayables customers, prior to switching to an automated invoicing approach, companies took an average of 16 days to process an invoice. Post implementation, that number dropped to just 5 days. However, the largest airline in the world reported that prior to using iPayables InvoiceWorks®, approval time took 23 days and now it only takes 6! That’s a time reduction of over 74%!
What do you do with all that extra time? Simple, you generate discounts! Using our Dynamic Discounting tool, iPayables customers leverage the time savings by offering their suppliers to be paid early if they are willing to take a pro-rated discount. With this feature, you can effectively turn your AP department into a profit center. In fact, a few of our bigger customers are generating millions of dollars a year in discount capture alone!