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 provides expense and invoice automation solutions that let business flow for more than 1,000 organizations worldwide. The company’s easy-to-use, enterprise-scale solutions enable future-readiness for its customers. As a result of this focus on innovation, Chrome River is rated as a Leader in expense management by analyst firm IDC. Chrome River’s commitment to delivering a superior customer journey by creating long-term value for its customers, makes it a preferred choice of CFOs, CIOs, AP teams, travel managers and business travelers. Details on Chrome River’s customers can be found on the company’s web site.
More than 2 million business travelers around the world trust Chrome River. To learn more, contact Chrome River at 888-781-0088, or visit chromeriver.com and its social pages on LinkedIn, Facebook, Twitter, and Instagram.
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.