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How much does it cost your business to pay an invoice?

How much to pay an invoice - Helm

Turn your documents into data the fast and easy way with Fetch

Paying your accounts can be an expensive business – just how expensive can be quite a shock.

Of course, it’s a necessary task, but it does use precious resources for no real return and it makes sense to look at a way to minimise this cost to your business both financially and in terms of staff time.

According to ABBYY New Zealand, the average cost of paying an invoice here is $15 per invoice. At first glance this seems excessive, but a quick Google search shows that it stacks up with estimates internationally, and is even a little lower than most estimates we found, when converted to New Zealand dollars.

If you process 500 invoices per month in your business, and it costs the average of $15 per invoice – that’s $7,500 per month or a scary $90,000 per year! Most of this cost is spent in the data entry phase.

Automating the process can reduce that $15 per invoice by up to 70%. That means if your company processes as few as 500 invoices per month you can expect up to $63,000 in savings annually.

This is not taking account of hidden costs such as late payment penalties, or loss of early payment discounts which may occur if it takes too long for an invoice to work its way through your system, so the true savings may be much higher.

How can you reduce this cost?

One word - Automation.

In this day and age there is no need for people to do what computers can do more easily, quickly, accurately and at a fraction of the price.

Software like Fetch will read the information on your invoices, do some initial matching and calculation checking, apply your business rules and facilitate coding. Once processed, Fetch will save your documents in a fully searchable format in a folder structure that suits you.

Your staff simply have to verify that the information is correct and let Fetch do the rest! It’s fast, easy and the more you use it, the better and faster it gets as it learns as it goes.

Automating Accounts Payable Invoice Processing will:

  • Save you money
  • Save you time and allow your staff to work on more productive tasks
  • Reduce errors and improve accuracy
  • Give you up to date visibility of your business’ financial position
  • Make it easy to find original invoices
  • Reduce paper storage costs as pdfs stored are saved in a form that will retain their integrity well beyond the 7 years they are required to be stored.

Fetch - featured in November 2019 Exo Lab

In November’s Exo Lab we will show you how Fetch works with Accounts Payable invoices and the MYOB Exo integration to turn your documents into usable data efficiently.

To find out more about Fetch register for the November Exo Lab here.

Read this case study on how Computaleta halved creditor invoice processing time, increased their cashflow and gained visibility around the purchasing and invoicing process.



 

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