There is little strategic value to processing invoices, however the process itself is often cumbersome and costly. Processing cycle times can be high as many businesses have manually intensive approaches. Faster payment is not always the objective, however the longer an invoice is out the greater risk it poses to your business. Processing costs go up. You miss out on early payment discounts. There are more invoices backlogged. And if your team is manually processing these invoices, there’s the added stress and pressure to stay caught up.
Our Approach
Rockhop takes a comprehensive approach to streamlining invoice management. The workflow will be automated inclusive of systems interconnectivity, task hand-offs, and approvals.
The Value
Automating the invoice management process has the potential to provide significant return with relatively little effort. We look at automation of this business process as “low hanging fruit” for businesses to achieve a measurable impact quickly.
64%
PROCESS INVOICES MANUALLY
85%
COST REDUCTION OPPROTUNITY
37%
REDUCTION IN LATE FEES
21%
INCREASE IN DISCOUNTS CAPTURED
Save time/money from reduced administrative overhead allocated to the process
Capture early payment discounts where desirable
Save time/money by avoiding rework and errors
Increase employee ad vendor satisfaction by simplifying a cumbersome process
Allocate internal resources to more strategic endeavors by automating tedious tasks
Increase employee and vendor satisfaction and retention
Increase employee productivity by providing tools and time quickly
Source: Quatient
Power Platform Invoice Management Demo
Follow along with one of our Power Platform experts in action as they demonstrate an Invoice Management use case.
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