1/15/2024 0 Comments Stampli costLet’s start with our initial goals for invoice processing. Here’s how we discovered that invoice automation provided the best ROI. And because we’re growing, the solution needs to be scalable. It also wouldn’t hurt if the solution could automate the GL coding component of our invoice processing workflow. I need a document processing solution that can help me manage or reduce the volume of paper documents my AP team needs to handle. I need a better way to handle paper invoices and data capture, and I need it fast. It takes a long time to train someone up to the level they can understand our invoices, and I can’t easily scale up the team to meet the increased volume. The extra work is putting pressure on my AP team. Our business is growing, and so is the volume and complexity of the invoices coming in the door. Plus, because our products are so complex and specialized, our AP employees need the skill and expertise to sort through hundreds of line items and ensure each one is coded correctly in GL. Reconciling these invoices with our manufacturing process and purchase orders is time-consuming. However, many of our suppliers send paper invoices. We are very precise in our costing because each product has its own unique price, and we need to accurately determine the input costs for each one to maintain profitability. Since every product is custom-made and unique, we often order personalized products and services from our suppliers, resulting in complex invoices that list each component and its price. Our supply chain includes various professionals such as textile producers, material suppliers, fabricators, healthcare professionals, engineering and design firms, and others. Our products are complex, made from advanced materials, and require precise specifications for each customer. I own a biotech company specializing in creating orthopedic appliances and prosthetics like knee braces and artificial limbs. Read on to learn how invoice scanning and AP automation software can reduce the volume of paper invoices and the headaches you need to manage. If your business is one of the 40% still receiving paper invoices, your headaches will grow too. The bottom line is that as businesses grow, the volume and complexity of invoices grow right along with them. According to AP in 2023: Expectations, Technology, Opportunity, 80% of finance leaders anticipate a rise in the number of invoices they’ll have to handle, while 53% expect the complexity of invoices to increase. The problem isn’t going away anytime soon, either. Since AP teams need to key in paper invoices, a time-consuming and error-prone process, it should come as no surprise that slow approvals, too much paper, and too many manual processes topped the list of AP headaches in the report. Just under half (40%) of the respondents said they still receive paper invoices. In 2021, Stampli surveyed 282 finance leaders about their biggest accounts payable headaches.
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