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Understanding the True Cost of Invoice Management

Understanding the True Cost of Invoice Management

Your accounts payable team (or person) may not tell you this, but your invoice management process is pitiful. Throughout back offices across the world, back office AP professionals are feeling the pain that comes from an inefficient, inaccurate, and insanely painful payable process.

For what many see as a simple process…

  1. Receive, Search, Enter
  2. Payment

… is actually a much more complex, time consuming, and error-prone approach.

First of all, how often is it actually the AP department that receives an invoice? All too often, someone receives an email with multiple attachments (one of them being an invoice) and ignores it, or receives an invoice on paper that they forget to forward to AP.

By the time it finally reaches the ‘receive’ stage, the first thing is to manually enter the information—a laborious and error prone process. If lucky, all of the information will be there. All too often, however, that is not the case.

By time this process makes it through to payment, another time consuming process (paper checks and snail mail), the process, on average costs $13.50 (Ardent) and takes up to 14.3 days (Aberdeen).

What if you could save money and allow your finance department to act more strategically?

There is a way to reduce your reliance on spreadsheets, improve efficiency, and save money.

It’s simple. Automate, Integrate, and Thrive.

For more information on how your inefficient accounts payable process is affecting your employees, harming your visibility into spending, and reducing your ability to grow effectively; we welcome you to check out a new whitepaper from Concur.

Titled The Essential Guide to Managing Accounts Payable, this whitepaper walks financial executives through their journey to streamlined accounts payable and the savings it provides. Learn more about the following:

  • The True Cost of Invoice Management
  • Why the Cloud is the Answer
  • Common Misconceptions
  • An Overview of the ‘ideal invoice management platform’
  • What Automation really looks like for a company.

Download the Essential Guide to Managing Accounts Payable!

If you’re in the Washington D.C. area, learn more about Concur Invoice at AP Invoicing and Spend Automation, a Live Event on Wednesday, July 15. Click Here to Register.

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