The Full Cost of Entering Invoices
If you’re in charge of a small to mid-size business's AP department, you know the simple process of entering AP invoices into your ERP system can QUICKLY consume an employee’s time. It’s an easy thing to ignore as a very small business but it’s important to put scalable solutions in place as soon as possible. It doesn’t take long before you necessitate a full-time employee to enter invoices and once they are at capacity, the only option to grow is to add more data entry staff. This adds layers of management, complexity, and rockets up your cost very quickly.
So what’s the actual cost to enter an invoice?
Cost of the employee’s time + cost of management + cost of benefits + cost to correct any mistakes that employee makes. Not even taking into account the potential cost savings in digital routing for approval, this cost is substantial.
Aberdeen has done research to total up these costs and for the average company, it costs $7+ to process a single invoice (with many companies incurring MUCH higher expense).
Fidesic AP allows you to capture invoice data, turn it into a digital automatically routed transaction, and import it into your ERP system for $0.99 per document. These cost savings are real and can be realized in the first days of using the system.
If you’re starting to feel bogged down with AP processing, worried how it will affect growth, and ready to make a change you can try Fidesic AP for free today. You’ll get a full 30 day trial (including data capture) to see how much it can save.