Automating your invoice processes can cut business costs
With business overheads increasing all the time, most companies are happy to explore ways to reduce overheads. Automated invoice processing could help you do just that, as well as transforming the way you do things, saving you lots of time and allowing your staff to focus on more profitable activities for your business.
Why is manual invoice processing so costly?
So lets look at the manual processes for a normal invoice:-
- Invoice arrives
- Sorted by mail team and directed to finance department
- Date stamped and data captured/entered into financial system
- Check against existing supplier database
- Check for a purchase order number
- Verify that it matches in terms of the value, description and supplier name
- Photocopy or scan
- Send by internal or external mail to authorising department or manager
- Allocate to cost centre and record for budgeting purposes
- Authorise for payment
This all takes time and can be costly, as well as the time involved, consider all the copying and postage costs. It can cost about £20 just to manually process a single invoice, probably more for invoices with verification issues or no purchase order.
So what is automated invoice processing?
Automated invoice processing can automatically capture the data from your invoices and verify against existing databases, taking a lot of the manual processing and data capture away. We’ve made a 60 second video to simply explain how Cleardata can help you automate your invoice processes. Please click below to watch it or visit our invoice automation page to find out more. You can also read our recent case study to find out how Cleardata helped Virgincare to reduce their invoicing costs.
We’re holding a half day seminar about our automated invoice processing services in Euston Square, London on the 10th of November 2015 where you can find out more about the latest innovative solutions to reduce your invoicing costs. For further details please click here or follow the link to register. Please click here to register.