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In today's fast-paced business environment, efficiency is key.
Yet, many companies still grapple with the time-consuming and error-prone task of manual invoice processing.
This outdated practice not only drains valuable resources but also impacts the bottom line in ways that might not be immediately apparent.
The Business Pain Point
Manual invoice processing is a significant burden for businesses of all sizes.
It involves a series of repetitive tasks: receiving invoices, data entry, verification, approval routing, and payment processing.
Each step is susceptible to human error and can lead to delays, disputes, and even financial losses.
According to a study by Sterling Commerce, the average cost to process a single invoice manually ranges from $12 to $30, with some estimates going as high as $40 per invoice.
For businesses processing hundreds or thousands of invoices monthly, these costs can quickly spiral.
The Inefficiency of Manual Processing
The inefficiency of manual invoice processing extends beyond direct costs. A report by Ardent Partners found that it takes an average of 8.3 days to process a single invoice manually.
This lengthy cycle time can lead to:
Missed early payment discounts
Late payment penalties
Strained supplier relationships
Reduced cash flow visibility
Moreover, the American Productivity and Quality Center (APQC) reports that top-performing organisations process 90% of their invoices "straight-through," meaning without human intervention, compared to just 30% for bottom performers.
AI Automation: A Game-Changing Solution
AI Automation offers a transformative solution to these challenges.
By automating invoice processing, businesses can:
Dramatically reduce processing time
Minimise human errors
Lower costs per invoice
Improve accuracy and compliance
Free up staff for more strategic tasks
A study by Levvel Research found that organisations using automated invoice processing solutions reported a 75% reduction in invoice processing costs and cycle times.
The Promise of AI in Invoice Processing
AI-powered invoice processing systems can extract key information from invoices with remarkable accuracy, regardless of format or layout. These systems can:
Automatically capture and interpret invoice data
Match invoices to purchase orders and receipts
Route invoices for approval based on predefined rules
Integrate seamlessly with existing accounting systems
As I explain in this video guide above:
AI automation can tackle this problem for you much better by more efficiently extracting details from invoices and improving speed, reducing costs and minimising human mistakes.
By using AI Automation for invoice processing, businesses can reallocate their valuable human resources to tasks that better benefit from human expertise, leading to significant cost reductions and improved operational efficiency.
Summing Up
The manual processing of invoices is a costly, time-consuming, and error-prone task that hinders business efficiency.
AI automation offers a powerful solution to this pervasive business problem, promising substantial time and cost savings while improving accuracy and freeing up human resources for more valuable tasks.
To learn exactly how you can implement AI-Automated invoice processing in your business, including step-by-step instructions watch the full video guide above.
Discover how you can transform your invoice processing workflow, and give your business a competitive edge in today's challenging business environment.
Like me to build you an AI Automation to help your business?
Find out more and book a free 1-2-1 with me here.
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