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CHROME RIVER | COLLABORATIVE COST CONTROL

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    * EXPENSESimplify and automate, while ensuring control.
    * INVOICEProvide efficiency, control and savings.
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JUN. 26, 2017


WHY THE MANUAL INVOICE PROCESSING MODEL IS BROKEN (AND HOW TO FIX IT)

TAGGED: ACCOUNTS PAYABLE, FOR CFOS, INVOICE MANAGEMENT
BY: TIM WHEATCROFT


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Every organization’s finance team knows that controlling supplier costs is
critical. Whether it’s a transportation company that hedges against rising fuel
costs, a manufacturer that seeks out supply chain efficiencies to reduce the
cost of production, or simply a services organization that wants to get the best
deal on office supplies and travel, streamlining invoices is a critical part of
any corporate finance department.

However, one area that many organizations have yet to address is the actual cost
of the invoice management and processing function. While of course, the volume
of invoices received is dependent on the type of business (for example, a
manufacturer will process significantly more invoices than a professional
services organization), one constant is the high cost of moving them through the
system. In fact, it’s estimated that for companies with a completely manual
process, getting an invoice approved and ready to pay can cost anywhere from
$12-$17 each. While that may not seem an excessive amount in the grand scheme of
running a business, a relatively small organization that receives just 40
invoices a day will spend more than $125,000 per year simply processing supplier
invoices.

Related: How Can Invoice Workflow Automation Work for Your Organization?


THE PROBLEM

The two immediate questions this leads to: why is this process so expensive, and
how can it be reduced? The first answer is relatively straightforward: invoice
processing can be a very time-consuming and labor-intensive process. Invoices
first need to be received and entered into the system (which in itself can lead
to huge delays, as supplier invoices may sit for days or weeks’ in recipients’
inboxes before even reaching the AP team). They then need to be coded
appropriately, submitted for budget-holder approval and then entered into the
ERP system for approval. The opportunity for delays (and also the need for the
AP team to chase individuals) at every stage is considerable.

Of course, this assumes a relatively smooth process. The AP team’s lack of
visibility into the entire process can lead to a multitude of other potential
issues: invoices get lost or forgotten before they even reach AP; delays lead to
duplicate invoices being issued and processed; correct approvals processes are
bypassed; and so on. While the hard cost of AP’s additional time spent
processing these invoices can be clearly identified, there’s the opportunity for
several other costs to be introduced as a result: suppliers could impose
late-payment fees or interest charges; duplicate invoices could be paid twice;
early-payment discount opportunities could be missed.

Related: What Could Manual AP Processes Be Costing Your Organization?

These are just some of the most tangible financial issues that manual invoice
processing presents. Issues such as non-compliance with budget and approval
parameters, fraud and incorrect budget allocation may not be as easy to
immediately track and calculate, but could lead to major issues in the
accounting process.


THE SOLUTION

Given the magnitude of challenges that existing manual processes uncover, how
can they be resolved? The obvious answer is to automate the process with invoice
software. This enables AP departments to streamline the entire process, from
electronically capturing the invoices as soon as they are received, to more
accurate and compliant budget allocation and faster approval by budget owner. In
addition to speeding up the approval process, using invoice management software
will also give fully visibility into the process, as well as eliminating issues
related to non-compliance by automating business rule enforcement.

Related: Pitching the ROI of AP Automation to Upper Management

The cost savings – just through reduced need for manual intervention – that can
be made through invoice automation are clear. According to studies by research
firms such as Aberdeen Group and PayStream Advisors, automation can cut the cost
of invoice processing buy about 75%. However, these figures don’t take into
account the long-term savings and improvements that organizations can realize,
from early payment discounts to broader cost savings brought about by more
accurate and timely spend data analysis, as well as the more value-added work
that AP teams can focus on with the hours that they have been given back.

At a time when the vast majority of business processes have been automated and
moved to the cloud, can your organization afford to process invoices the old
way?

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POSTS BY CATEGORY

 * Accounts Payable
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 * Expense Analytics and Reporting
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 * For CFOs
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SPLASH VIDEOS

Bite-size recordings of Chrome River's innovative features

Watch the Videos

> Our choice of Chrome River EXPENSE was made in part due to the very
> user-friendly interface, easy configurability, and the clear commitment to
> impactful customer service – all aspects in which Chrome River was the clear
> winner. While Chrome River is not as large as some of the other vendors we
> considered, we found that to be a benefit and our due diligence showed that it
> could support us as well as any large players in the space, along with a
> personalized level of customer care. Sally Abella, Director of Corporate
> Travel Harman International

> We are excited to be able to enforce much more stringent compliance to our
> expense guidelines and significantly enhance our expense reporting and
> analytics. By automating these processes, we will be able to free up AP time
> formerly spent on manual administrative tasks, and enhance the role by being
> much more strategic. Ben Zastrow Zelle

STREAMLINING THE AP PROCESS

Automated invoice management

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