What you'll get:
- AP Automation Scorecard - The Scorecard is a customized assessment of your AP organization. It provides details on your biggest opportunities are for savings, how you compare to other companies, and an estimate of total savings from automation of Accounts Payable.
- ROI Calculator - The ROI Calculator is a highly detailed report on all of your AP organization's costs and path to ROI from automation. After incorporating all the information we’ve collected, applying industry benchmarks, and layering in our own proven data, we arrive at the most accurate annual savings possible.
Why the information in this assessment is so important:
- $7-$15 per invoice. That’s where industry studies have placed manual processing costs. The savings are out there.
- Late payments, missed prepayment discounts and duplicate payments are expensive! In some cases, they represent more than half of a company’s total AP processing spend. We’ll help you understand where you stand and how to improve.
- We can only improve once we understand and track KPIs: average cost per invoice, invoice cycle time, discounts captured, percentage of erroneous payments, late fees incurred, etc.
- It’s more than just labor costs and efficiency gains: We’ve incorporated other inputs that need to be considered including IT costs, payment issues, paper costs (storage & printing), and accounting costs.
Where does AP automation ROI come from?
Fewer invoice touches
The biggest source of ROI we see for our customers is through drastic decreases in time spent completing manual processing tasks. Automatic coding, routing, workflows, and central cloud-based file storage removes complexity from the AP process and substantially reduces the number of touches it takes your team to process an invoice from start to finish.
Better data and high OCR rates
A few minutes spent correcting data errors or re-processing invoices because of duplicate entry, lost emails and lost paper documents doesn’t seem like much, but compounds quickly when your company processes hundreds – or thousands – of invoices each month. SmartTouch AP™ reduces the potential for all three, time you spend entering data by 85%.
Lower paper & overhead costs
Reducing paper consumption can have a measurable effect on paper supply costs. But AP automation can also provide ROI in other areas such as reduced cost of document storage, climate control, offsite transport and printing costs. Since these factors vary between companies, paper and equipment costs are not considered in our ROI calculator. We’re happy to work with you to develop a custom ROI calculation to include these variables.