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Saving Time and Money with E-Invoicing

Perhaps no one ever died from a single paper cut, but that doesn’t mean many people probably feel they are dying from a 1,000 small cuts every day as they go through the tedious, but necessary process of sorting through paper in the accounts payable office. iPayables offers its users a flexible, affordable, and efficient electronic invoicing solutions that will help users avoid those annoying paper cuts, and generally have to touch fewer pieces of paper in their jobs.  Efficiency in the AP office will turn into more money for the bottom line.

Some people look forward to trying anything new that will allow them to do their job more efficiently and more accurately. Those people are probably the exception to the rule. Although most of us do want more efficiency and accuracy, we can also be scared of trying something new—especial new technology at work.  However, iPayables has found that even though there may be some learning time involved, professionals soon come to appreciate how their jobs are done more efficiently more accurately.

If AP automation software can help make the AP department more accurate and more efficient, then why haven’t more businesses jumped into the fray and helped their AP people learn the iPayables automated system? The answer seems to be relatable to the fact that AP tends to be a job that is done out of sight and therefore out of mind. When businesses think about ways to automate, they typically think of front-end type of positions. They don’t always think about those people in the back of the store who are trying to put a puzzle of payments and charges together. While the unsung AP hero tends to be thorough and accurate without automation, iPayables makes AP staff even better.

Think about the number of times a piece of paper in the AP department may have to be touched. CFO Magazine tried to determine the total costs to process paper through the AP department. With labor, outsourcing, overhead and other costs being tallied, then dividing those costs by the number of invoices. Then they put a price on how much it costs nearly 1,500 companies to handle each invoice.

In looking at 1,485 different organizations, the worst 25% were spending more than $10.  Per. Invoice. It’s not hard to see how having a better invoice system could save a company a lot of money.  Those who were in the best 25% of spending on invoice processing, the average was $2.07, or less.  The average amount spent was $5.83.

One way to deal with these costs is to invest more in technology so invoices don’t have to be handled as many times to reach the same end-point.  In addition to handling pieces of paper less often, an automated system will make fewer mistakes and will get invoices out of the office faster. Purchase orders can be matched quicker, the workflow in the office can be improved, and there is an overall improvement in AP. In the end, many iPayables customers see costs coming in at under $1 per invoice, a dramatic difference especially for companies processing thousands and thousands of invoices each month.

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