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 processing costs.
Streamlining the invoice approval process allows AP teams to focus on more strategic tasks like cash management and analyzing payment terms. Invoice automation strengthens an organization’s financial position by eliminating late payment penalties and out-of-policy spending. It also allows an organization to take advantage of early payment discounts, and help maintain the financial health of its most vital 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.
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After all, Chrome River lets business flow.
Emburse 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 2.5 million users around the world trust Chrome River. To learn more, contact Chrome River at +1 888-781-0088, or visit chromeriver.com and its social pages on LinkedIn, Facebook, Twitter, and Instagram.