Companies and organizations, big or small, from varied industries including retail/ecommerce, oil & energy, travel & tourism, manufacturing, transportation and logistics, food & beverages, have been functioning on basis of well-designed processes, including invoice processing; which helped them succeed through decades.
Globalization and the changing periphery of international trade patterns have ominously impacted these industries. And the flip side of the scenario is that on one hand where these changes have presented opportunities, on other hand have handed over some challenges too. It is time these organizations or their c-suite panels, assess to realize that the benefits of those conventional processes, especially the invoice processing practices; are far outweighed by the benefits that expert invoice management has to offer.
The best way to start with identifying the benefits of outsourced invoice processing is by comparing the activities of how actually a conventional invoice processing usually works. Though it may vary from organization to organization.
Upon outsourcing invoice processing, the very first benefit that companies notice is the huge amount of time saved. In the aforementioned list of activities, first three action items might not be too eye catchy, however; if time saved due to outsourced invoice process, as against in-house, is considered – it is a humongous benefit to the company. Enlisted are some action items of a typical outsourced invoice processing workflow:
Senior manager or a particular department is required to approve the invoice payment for the one which has no purchase order. It is an intimidating task to review a stack of paper at a go, especially when based on that review payments will be disbursed to the vendors. Also there are chances that the manager is traveling on regular basis; bringing at the table a completely new set of challenges.
However; an outsourced invoice processing brings about a 3600 change in the entire process. Now the departmental head or the manager receives matched invoices in a digital format, irrespective whether they are in office or not. This will enable a faster and streamlined invoice approval process.
Outsourced invoice processing eliminates the manual labor and helps to save a great deal of money on company resources, paper processing and postage – isn’t it? And this is not all.
The benefits of outsourced invoice processing will keep flowing in form of:
It is high time; invoice processing is outsourced to experts equipped with infrastructure, tools, technologies and experienced invoice processing experts, to attain aforementioned benefits. Their invoice processing workflows are designed and support web based invoice approval procedure, enabling organizations to process purchase invoices, across receipts to payments, efficiently and effectively.
There are c-suite professionals who are of the opinion that outsourcing invoice processing worked out to be one of the most cost-effective and feasible solutions for their organization; in addressing the challenge of digital information overload & helped them leverage their financial health & organizational reputation.