5 Ways to Instantly Boost Profitability with Invoice Automation - Modern Distribution Management

Log In

5 Ways to Instantly Boost Profitability with Invoice Automation

Cut costs, improve processes with invoice automation.
InvoiceAutomation_ConexiomSlider
Author
Date

The accounts payable function of an organization is often undervalued. But it plays an important role in a company’s long-term success. In recent years, AP has moved away from exclusively processing transactions and is now ultimately responsible for managing good cash flow – a critical component that can derail a business if not done correctly.

On average it costs around $15 to process an invoice. How many thousands of invoices are you processing on an annual basis?

Invoice automation can help the finance department manage this crucial task better – including these five benefits:

1. Save money. Up to 60 percent of early payment discounts are missed and 12 percent of payments are late due to inefficient manual payment practices. Invoice automation eliminates process bottlenecks so you can avoid late fees and never miss another discount again.

2. Avoid costly mistakes. Duplicate invoices can cost organizations $100,000 for every $10 million spent. Continuous monitoring, manual cross-checks, and invoice automation can work well together to protect profits.

3. Increase performance. Manual processing of invoices kills productivity. Automating AP invoices means receiving and entering supplier invoices 75 percent faster than traditional paper-based methods.

4. Improve data quality. Invoice automation can offer 100 percent accurate data capture regardless of invoice format.

5. Cut costs. Streamlining AP processes reduces administration and transactional costs by up to 80 percent, which boosts overall profitability.

Read more about the many benefits of invoice automation in this free whitepaper, sponsored by Conexiom.

Share this article

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

Get the MDM Update Newsletter

Wholesale distribution news and trends delivered right to your inbox.

Sign-up for our free newsletter and get:

  • Up-to-date news in a quick-to-read format
  • Free access to webcasts, podcasts and live events
  • Exclusive whitepapers, research and reports
  • And more!

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.

Learn More about Custom Reports

Request a Market Prospector Demo

  • This field is for validation purposes and should be left unchanged.