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Invoice approval time expenditure: how effective is automation?

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We have calculated how much time you can save managing invoices with the help of special software as opposed to manual processing. Have a look at our illustration to see where you can save employees’ working time and shorten the approval process period.

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Invoice approval time expenditure: how effective is automation?

  1. 1. Invoice Approval Time Expenditure: How Efiective ls Automation? When managing paper—based invoices one may easily face a problem of a dragged out approval process. Carrying documents physically from office to office and making multiple copies of them can cause a lot of costly delays. What’s more, paper—based invoices can pile up for later on the tables of CF05, approvers, accountants, etc. Also, paper—based format can make the process more labor intensive. Automated invoice approval process ensures accelerated document management due to several factors. First, when automated, approval stages get initiated immediately. Second, automation eliminates all possible delays when sending documents to approvers. Third, electronic documents are stored in all necessary enterprise systems and can be easily found. Using accounts payable automation reduces the amount of required labor efforts. CAPTURE lei - time spent for invoice processing 1 rn I n on one stage. "' I - time spent for moving 0’ 5 O h from one stage to another. 5 min T ‘ 0,02 h VALIDVATIUN 2 min I 4% —‘— 2 min 1 1 0,02 h APPAUVAL 90 min T , T 0 O0 :3‘ jj 15 min 4°h —‘fl PAYIT/ IENT 2 min I 4h _x‘— 1 min l-l 2h hl PREPARATIUNVFUR STORAGE 5 min lei 2 min iii TOTAL 100 min are spent by employees to process 1 invoice — — Ti It takes companies on average 16°h to manage 1 invoice jj jj 25 min are spent by employees to process 1 invoice It takes companies E; onaverage é Z 3‘ 6 040 h I to manage 1 invoice With accounts payable automation solution you can decrease your payroll costs per 1 invoice by 4 times. Also, you can shorten the approval process by 2,5 times, which will mitigate overdue payment risks by 2,5 times respectively. (' Conterra Financial Information Management Software for accounts payable automation www. orienge. com/ fim