- March 16, 2018
- Posted by: vmayo
- Categories: Financial Services, Invoice Processing
As a B2B or B2C organizations, you will be encountering over a thousand invoices on a daily basis. This time-consuming and mundane task can take its toll on your in-house resources, eating away precious time and effort. Poorly managed invoice processing can result in incorrect or delayed payments that will not only result in a cash crunch but also have an impact on your market reputation.
To cut the cost that may accumulate in any given business setting, the need to look for a person to outsource the Invoice processing services turns out to be the best available option. The very nature and embodiment of private enterprise are to such an extent that there is no single, characterizing plan of action or element that will stay consistent but instead, there will be a characteristic back and forth movement as some business sorts will prosper and others will fall by the wayside and wilt.
Timely and accurate payments to every single vendor is a must. Even a very small deviation can have a huge impact on your business credibility and authenticity. It can also hamper the perception that customers have about your company.
Some Benefits of Invoice Processing Service
Improves internal procedures
Automation allows a company to put in place various procedures, o that its accounting systems follow a formal process for invoice approval and payment, as well as processes for chasing unpaid debts. This allows a business to reduce duplication of effort and to eliminate errors or rogue practices, bringing a more streamlined process to the finance department.
Automation of the entire process
Your outsourcing service provider can receive invoices on your behalf. This is a great way to save yourself from dealing with thousands of invoices. Trained invoice processing professionals will scan, index and get the invoices authorized for the transaction and sanctioning.
Inappropriate or wrong payments can have a deep impact on your organizations. While lower payments can spoil your brand image, overpayments lead you to a cash crunch. Outsourcing invoice processing can get rid of such possibilities by ensuring on-time accurate payments.
The cost of manually dealing with a single supplier invoice can vary between $10 and $100, whereas fully automating the process can reduce that cost to $2. Automation also saves on other resources, such as staff time. The amount of time spent analyzing business information, manually creating invoices and chasing for payment is also dramatically decreased. This staff time can be redeployed to other, more efficient tasks such as revenue generation.
Invoice processing in real-time
The best part of outsourcing is that you can monitor the entire process in real-time. Every invoice had a stamp on it. At any given time, you or your team can get details about the payment authorizer, exact payable data and if there are discrepancies in the amount payable. You can also get a precise picture of the total liability of the company when it comes to vendor payments.