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Invoice Automation

Gains achieved through invoice automation reduce invoice processing costs

Benefits of Invoice Automation

The cost of invoice processing

According to the Institute of Management and Administration (IOMA), it costs companies with a low level of invoice automation £7 to process each vendor payment. Companies with a high level of invoice automation report reducing this cost to around £4.20. Most of our clients report savings and reduction in per invoice processing costs in the first year of implementation our invoice automation solution.

Reduce invoice processing costs

Speed and efficiency gains achieved through invoice automation reduce invoice processing costs. Faster invoice processing means achieving more early payment discounts and avoiding late payment fees. Automated invoice processing requires far less manual intervention making it faster and less prone to errors or lost invoices. There are opportunities to reduce or redeploy staff resources and the paperless invoice process reduces storage costs.

Improve cash flow

Automating your invoice processing operation delivers immediate availability of information on funds tied to purchases, giving you better cash flow forecasting and better financial cash management.

Improve supplier relations

Companies implementing the DCS automated invoice processing solution improve supplier relationships. Among the tangible benefits of faster invoice processing are a reduction in payment chasing enquiries and an increase in early payment discounts. The availability of a web based supplier portal as part of this DCS solution is a useful feature and helps reduce inbound enquiries.

Case Study: DCS helps ARI Fleet UK automate validation and classification of 120,000 invoices annually with Kofax.

Reduce rogue purchasing

With the DCS purchase to payment solution, your staff can raise new orders from a supplier catalogue. This prevents procurement of goods or services from non-approved sources and ensures your company optimises its access to discounting and credit arrangements available from catalogue listed suppliers.

Improve business continuity, traceability and compliance

The availability of FileStore EDM technology within the DCS purchase to pay solution provides for secure online storage of your purchase and invoice documentation giving you improved business continuity. The FileStore document management technology also means that all captured invoices and purchase orders are easily traceable and have an inbuilt document retention feature which delivers excellent compliance.

See also: Automated Purchase to Pay - flexible use and charging model

Savills reduces processing costs with an Outsourced Invoice Processing and secure storage solution

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