NEECOM Presentation. How Much Does It Really Cost to Process Your Invoices? Receiving Invoice Processing Invoice Paying Invoice. Today’s Objectives. Managing Payment Requests Using Electronic Workflow Status of Payment Requests and Processing
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Untimely Receipt and Inability to have Centralized Vendor Control
Mail Room and Faxing costs
Resource and Time-intensive Processing
The Challenges of Processing Paper Fast Enough In Order to Take Advantage of Trade Partner Discounts
Manual Data Entry
Lost / Misplaced Invoices
Fielding Vendor Calls for Dispute Resolution and Payment StatusIt’s 2:00 pm, Do You Know Where Your Paper Invoices Are?
According to IOMA … The cost to process, review,
approve and pay a single invoice is $10.15 per invoice.
Receive and Review
Management of Paper Invoices
Receive Paper Invoices
Cost and Resource to Create
Cost of Delivery to the Recipient
Cost of Overnight Delivery When Necessary
Out-of-Process Check Creation
Risk of Fraud
Uncertainty of Delivery
Manual ReconciliationAssessing Paper Payments
NACHA Study indicates that the difference in direct costs for check vs ACH is $53/employee vs $4.30 per annum.
Paper Payments Provide me the Added Float
Certain Contracts Require Paper Payments
Slow Technology Adoption by Recipients
Recipients Require Paper Record of the Transaction
Systems are Already in Place
Payments are Low on the Process Efficiency Priority List
Inability to Blend Paper and Electronic Payments ProcessWhy Perpetuate Paper Payments?
Benefits in addition to direct cost reductions:
To Reduce Corporate Risk, Improve Credit Position and Control Enterprise Liabilities through a Single System
Payments Processing with Remote Print Capabilities From a Single, Consolidated Payment File