Is your invoice process a burden to your business?
We don’t like them at the best of times, but poorly written invoices can be a huge headache for supply management – costing businesses time and money to sort out. A recent supply management survey found that over half of businesses have to deal with invoices for incorrect amounts on a regular basis, while around a third find frustration in invoices sent to the wrong addressee, missing VAT numbers and other vital information.
The problems this causes
As a purchaser you shouldn’t have to chase your suppliers for a correct invoice, but if purchase orders can’t be reconciled with invoices then there are huge knock-on ramifications for the whole accounting and finance department.
And as a supplier, if you are sending out erroneous invoices you could be significantly damaging your relationships with customers, to say nothing of wasted man hours creating the corrected invoices and the effect the extra paperwork has on your accounting procedures.
What’s the solution?
And yet the solution is blindingly obvious – so obvious that almost all firms in a recent survey named it as the answer to their finance woes. Automated invoice processing, also known as e-invoicing, can reduce errors, free up personnel from manual order management to more useful roles and improve job fulfillment rates.
It is estimated that an automated system can save between £25-£40 per order over the entire process from purchase order to payment, which multiplied up across the entire organisation can easily allow the system to pay for itself, and indeed earn its keep.
If you’re ready to take the next step in exploring the potential for your business? Then contact me and we can talk.
Paul Strachan M. 07793 447961 T. 01307 460667 E. firstname.lastname@example.org