Most companies lack good visibility into their spending. Visibility into your spending gives your company a competitive edge by providing insight on how to manage and maximize cash flow, manage and forecast business costs, and monitor supplier performance. Studies show that only 4% of companies have a real-time look into their spending, and 69% have limited to no visibility.
Best-in-class companies utilize sound invoices and payment principles to define…
· Invoice handling and payment process
· The automation levels and integration of systems
· The costs and cycle time to process invoices
· The visibility or access to the invoice and payment data
The primary culprit is the intensive paperwork and labor invoice processing companies face to ensure an invoice is recorded accurately, approved and paid in a timely manner. Take an in-depth look at invoice processing to reduce the manual processing of handling the paper invoice. Whether the company is small or large, significant improvement within the invoice process is evident through an electronic paperless solution.
Implementing an electronic paperless solution provides significant process improvements and monetary savings.
Several benefits include:
· Reduced time to post to the general ledger
· More timely recognition of costs
· A lower internal cost to process and approve invoices
· Recorded audit trail to identify billing errors, fraud and abuse
The more the invoice cycle time is minimized, the quicker the company can respond to understanding spending trends and managing the cash flow of the business. Knowing and having real-time spending visibility is one attribute to sound money management of the business. It is a must have in a 24/7 business world to gain the upper edge with competitors.