A technology and automation approach to invoice management frees up expensive F&A resources which can transition to higher value strategic activities. It strengthens vendor negotiating power, allows favorable payment terms, and improves cash flow visibility.
An Office of Inspector General (OIG) audit showed the U.S. Environmental Protection Agency (EPA) risking close to $1.2 billion of taxpayer funds by using manual invoice processing. This outdated system not just deprived EPA of prompt payment discounts, but also invited interest penalties and crippled performance of critical duties.
No documents could be provided showing that authorities has performed their duties. Manual processing also made EPA non-compliant to federal laws, regulations and agency policies.
Business losses due to manual invoicing…
Enterprises receiving invoices from suppliers in paper form, email, fax, mails and in various electronic formats is not a new thing. Nor are the challenges these invoices pose.
Significant time and dollars is spent in processing invoices manually.
Invoices are error prone and often result in delayed payments.
Supplier goodwill is eroded, leading to deliberated deliveries, less willingness to fix defects, slower responses to queries, and rigid payments terms.
90% of business data, transactions and records are in an unstructured format and nowhere is this more prominent than within the Accounts Payable department. ...
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