Streamlining the AP Process with Automated Invoice Management Software
Manual invoice processing is fraught with issues. Invoices can be lost, approval requests can be forgotten, vendors can get paid twice, or not at all. It’s a time -consuming and expensive process. According to benchmarking company APQC, top-performing companies spend an average of $4.98 to process each invoice, compared to $12.44 for bottom-performing companies. Much of this additional cost comes from the added amount of manual intervention required, as labor represents 62 percent of invoice
Streamlining the invoice approval process will strengthen an organization’s finances by introducing efficiencies. AP teams can focus on more strategic tasks, eliminating the likelihood of late payment penalties and allowing an organization to take advantage of early payments discounts. It can also help maintain the financial health of its vendors by making faster payments.
This white paper analyzes why the traditional invoice approval process is broken, and the steps that can be taken to improve and streamline an organization’s AP processes.
It's easy to see how invoice management can free AP resources to concentrate on more value-added projects and initiatives.
Download the report using the form to the right and see if the findings match up with your organization. And when you're ready to learn more, we're here to help.
Chrome River Technologies, Inc. lets business flow for some of the world’s largest and most respected global organizations. Our highly-configurable cloud-based expense reporting and supplier invoice automation solutions deliver an elegant and intuitive user interface, which offer the same high quality experience on a smartphone, tablet or laptop. Our SaaS products provide a world-class business rules engine and technology infrastructure, combined with a completely agile solution that supports today's changing business climate, and that the CFO, AP and travel managers, and business travelers will all love.
To find out why Chrome River is trusted by more than 1 million users at almost 600 organizations worldwide, contact us at +1 888 781 0088 or visit us at www.chromeriver.com, or on Facebook, Twitter and LinkedIn.
Our firm saved over 1 million dollars in travel expenditures [last year] as a result of implementing the Chrome River Expense Pre-Approval process.
It is taking us just one quarter of the time to manage the expense process as it used to.
Chrome River takes all the guess work out, forces the user to be crystal clear on where they put their money and allows us to effortlessly reimburse them.