“What will my ROI be after implementing AP automation?”
That’s one of the first questions asked by AP managers or CFOs interested in e-invoicing or AP automation solutions. It’s a tough one to answer, and not because it is hard to calculate.
After all, we have a new
That’s looking at the big picture. Many in the financial industry are meticulous about analyzing the entire process, determining the benefits and ROI inherent at every stage of your workflow process.
That’s why during the month of April, we have been discussing the topic of ROI on the
But every journey starts with a single step. In the case of AP automation, that first step is electronic invoicing (or e-invoicing).
What is the ROI of e-invoicing?
Before we begin, I’m going to ask you to walk over to your filing cabinet. Grab the handle, slide open the drawer, and gaze with wonder -- or perhaps trepidation -- at the sheer amount of paper you work with every day.
Chances are, you have a sizeable amount of time and money invested in the very first step of the AP process: invoicing. You may be so immersed in your current practices that you don’t realize how much time and money this first step actually requires.
Consider the costs associated with the invoice itself: the paper upon which it’s printed, the envelope into which it’s stuffed, the postage required. And this is to say nothing of the time and labor involved with having to process these invoices the manual way.
These have likely been part of your AP process for years, and perhaps you’ve never stopped to think about the amount spent on what you might consider a cost of doing business.
You can save your company thousands of dollars by eliminating this stage and introducing an electronic invoicing system (also known as e-invoicing). Through a paperless AP system, you will not only cut the aforementioned costs related to the invoices themselves, but you will likely also save money from the efficiency inherent in such a system. Having greater control and visibility means fewer data entry errors, duplicate invoices, late fees and fraud. All of this is more easily detected through an automated AP process where you can see all of your files digitally, as well as the history and conversation surrounding each invoice.
Does that sound like a huge change from your current process? Believe it or not, it isn’t. This is the same process you have always followed – we’re just cutting the costs associated with physical invoices and granting you greater visibility through cloud-based AP automation.
We invite you to try our new