The processing of supplier invoices is something that every organisation has to undertake but there are not many who are aware of the actual costs that are involved in the process. Research has revealed that the regular end-to-end cost of something like invoice processing can range from £4 to as much as £50 for each of the invoices. Companies can end up making significant savings by transferring the service to a company that offers invoice processing solutions.
The task of invoice processing concerns dealing with incoming invoices right from the time of their arrival to post. Invoices can be divided into several categories. Basically these are grouped as: invoices that come with an associated request and invoices that are not associated with a request. These form an integral part of workflow solutions.
A large number of the companies have a clear set of instructions when it comes to processing of incoming invoices. There are different sets of instructions that are usually found concerning the handling of non-purchase order invoices and purchase order invoices. The department that is in charge of the invoices is called the accounts payable department.
Most organisations resort to automated invoice processing these days. These offer multiple benefits and these include:
- Improved scope for tracking the different transactions
- Makes it easier to handle management peak loads
- Ensures better visibility when it comes to the complete task of invoice processing
- Makes it easier to claim early payment discounts
- Makes the handling of peak loads comparatively easier
- Generates precise liability reports with great speed
- Improves the rate of handling queries and tackle exceptions
- Minimises the chances of manual errors and leads to greater accuracy when it comes to reports.
Automating the whole process substantially reduces the time and effort required to accomplish the task.
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