On the core of any successful business is a nicely organized management. 7. Better accuracy – Bill automation mean that it is easy and fast to find invoices, which means you’ll keep away from the problems associated with errors similar to duplicate payments. In keeping with IOMA’s findings, 17% of businesses have a replica bill cost rate of zero.1 to zero.5%. In case your firm’s duplicate invoice payment rate was 0.three% and your accounts payable group processed £300 million worth of invoices each year this could characterize an overpayment of £900,000 yearly. After all, you need to have the ability to retrieve this cash (as long as your system alerted you to the overpayment). However, this might contain paying a 3rd occasion. Recovery companies charge, on average, a third of the outstanding invoice amount, which on this case could be £300,000.

By EDONS