This month we are delighted to have an article in the Bristol Business Post which discusses ‘Cutting Costs: why it pays to outsource your invoice processing’.
Did you know that according to a recent survey, finance departments spend up to 59% of their resources on managing transaction-intensive processes? And around 95% of this time is spent checking transactions that already match, instead of dealing with problems. Understandably, this way of working is a drain on your business’s time, resources and productivity.
One example of an inefficient process that YourDMS has commonly found in many Accounts Payable departments is the manual processing of large volumes of paper invoices. On average, it takes around 12 days to process an invoice, wasting a lot of time and money to get it ready for payment.
Which is why many businesses are choosing to outsource their Invoice Processing and replace a fixed, overhead cost with a small, pay per invoice cost. They can also take advantage of many other benefits, including streamlining processes through digitisation of the Accounts Payable process, minimising late payment penalties and improving cash flow.
YourDMS have worked closely with our technology partner CumulusPro, a leader in delivering digital transformation solutions from a cloud-based Business Process Management (BPM) Platform, in developing an intelligent Accounts Payable solution. Users can automate inefficient, manual tasks and remove delays, transform business processes, improve productivity and start reaping the rewards in days, not months.
You can read the full article here on p30.
If you would like to find out more about Outsourced Invoice Processing, and how it can streamline your Accounts Payable department saving your business time and money, please call Jack Wright on 01285 810606 or email firstname.lastname@example.org, and he will be happy to help. Let’s talk.