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How can a business reduce the cost of processing invoices?

Tuesday 15 November 2011 14:10

Processing purchase invoices manually can be time consuming and costly. From the moment an invoice arrives in the post through to the payment stage can take several weeks and usually involves multiple members of staff physically moving the paperwork from one person to another. At the end of the processing the invoices then have to be filed away and stored for a long period of time.

By using an automated system for invoice payment, the total processing time can be reduced to days rather than weeks. The most significant aspect in all this is that the system eliminates the need to work with paper. The IPC Group supplies a Purchase Order and Purchase Invoice Approval System (POPIAS) which scans the invoices as soon as they arrive and the images and associated metadata are stored in the system.  Using workflow, the invoice images are then automatically routed to the relevant personnel for authorisation and if action is not taken within a pre-defined timescale (the person may be sick or on leave) the task is escalated to another member of staff. An automated system also gives the Finance department full visibility of invoice approval status and can answer supplier queries faster and more accurately. The costs of storing archive paper invoices are also greatly reduced and accessing accounts paperwork is quick and easy.

For further information on The IPC Group’s invoice processing system please click here or call us on 08081 45 46 47

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