Expense Reduction Analysts (ERA) are pleased to announce a new category offering; helping clients to achieve major cost reduction based on invoice routing and approval analysis.
Many organisations manage significant invoice volumes without considering the true cost to the organisation in their processing, routing and approval. Increases in those volumes coupled with laborious and extended approval processes can lead to payment delays and inefficiency. Most of these costs are borne within the finance department, where they are keenly felt.
Turning Costs into Profits
Organisations tend to view their accounts payable department as a cost, rather than a profit centre. The new solution not only reduces costs across the wider business, but also within that department, returning the savings directly to the Finance Director. According to Gartner, the cost of processing an individual invoice in the UK averages between £4 and £25, though it can be as high as £50 per invoice. This means a medium-sized company processing 5,000 invoices per month could bear annual processing and approval costs of £900,000 with a £15 per invoice processing cost.
The ERA specialist team of Barry Donovan and Simon Atkinson has significant expertise in purchase to pay (P2P) processes, invoice processing systems and routing analysis, enabling ERA to deploy a proven solution to solve each client invoice processing challenge. This is a proven service with successful deployments, which involves examining business processes, approvals and sign-off limits/procedures.
It will be most appropriate for clients with the following characteristics:
– A desire to improve operational efficiency in finance and business operations
– Significant volume of invoices processed across multiple categories
– Multiple approval routes/levels for different types of invoices
For more information about how we can help lower your invoice processing costs, please don’t hesitate to contact us today.