Improve Your Profit Margins with Automated Accounts Payable Solutions
Sluggish revenue growth is forcing businesses to look for new ways to increase profit margins. Automating invoice processing is one proven way to wring costs out of a business. Only about one-in-four businesses has highly automated accounts payable processes, IOFM finds. As a result, it costs nearly 40 percent of businesses more than $6 to process a single invoice.
Accounts payable solutions such as NexusPayables reduce invoice processing costs by up to 60 percent by automating the manual processes that drive up operational costs by:
• Capturing data from incoming invoices
• Matching invoices to the relevant purchase order and/or and receipt of goods
• Passing matched invoices to downstream systems
• Routing invoices for review and approval based on business rules
• Collaborating with internal and external stakeholders to resolve exceptions
• Storing and retrieving invoices and audit trails
Moreover, NexusPayables enables suppliers to submit invoices electronically through a portal, delivering further cost savings through the elimination of document scanning. Supplier portals allow for the fast and secure electronic submission of invoices 24/7, while providing suppliers with access to invoice and payment status, replacing costly and time-consuming calls or e-mails to the buyer.
These are some of the reasons that it costs best-in-class accounts payable organizations (which typically have the highest levels of automation) an average of $2.20 to process an invoice, while all other organizations pay an average of $19.10 to process an invoice, according to Ardent Partners. These cost savings can go a long way to helping your business increase its profit margins.