Conquer Invoice Overload

Paying invoices is a necessary evil for all organizations. Nobody likes shelling out money, even if the product or service received was well worth the expense. This practice becomes even harder to stomach when you consider how much the process of paying your bills actually costs your company. According to the Institute of Management and Administration (IOMA), it costs a business between $9 and $13 to process the average invoice. These costs can increase to more than $50 for each problem invoice (e.g. invoices that don't balance correctly or contain incorrect item information).

The main reason processing invoices is so expensive is that despite the availability of EDI (electronic data interchange), 96% of all corporate invoices are still received as paper documents. In order to process this paper, many accounting departments have employees dedicated to manually sorting and keying invoice information into an accounting system for tracking, payment processing, and archiving. This manual labor is where processing costs are incurred. For invoice-intensive organizations such as a retailers, wholesalers, or construction companies that deal with countless vendors and suppliers, these manual processing costs can have a negative impact on the organization's bottom line and impede its ability to grow. Jetro Cash & Carry faced this prospect.