Looking to reduce costs? It is high time that you automate your freight invoice process.
Market studies show that 25-30% of all freight invoices are wrong, with many discrepancies ultimately going unchecked and mining away at your bottom line. There are several hidden costs associated with freight operations, one of which is invoice reconciliation. The cost of manually reconciling freight invoices is a common example where organisations are spending too much.
Well, wait no more.
Reducing the burden on manual labour, minimising errors, identifying fraudulent claims and avoiding duplicate/missed invoice payments are some of the advantages of automated invoicing. Studies suggest that up to 60% of invoices do not match the final quotations, which leads to further delays in payments.
Especially in the wake of the coronavirus, the logistics industry is looking to cut costs wherever possible and digitising their invoice processing with a freight invoice software is one way to run up their profits.
Companies like Kuebix and Coupa provide out-of-the-box digital solutions where detailed rate exceptions can be viewed in one place instead of painstakingly researching discrepancies on each mismatched invoice.
Why is it imperative to move away from manual invoice matching?
Not only is invoice matching a painful process but also a tedious one. It is document-intensive and takes up a lot of manual resources to get the work done. Manually using carriers’ paper or digging up old email invoices to validate billed amounts can result in plenty of errors without proper research.
With manual invoice matching there are several challenges associated like missing out on early-payment discounts, weakening your relationships with suppliers and falling into the maze of missed/duplicate/delayed invoice payments. Industry studies estimate that manual invoice processing costs around $5 to $12 per invoice.
Just staying on top of each payment should be reason enough to automate your freight invoice matching process fully.
Seamless invoice reconciliation through automation
A major concern of invoice reconciliation is the huge amount of time it takes to process a single invoice and the respective costs involved. To make sure of an accurate invoice matching process, it takes anywhere between 8-20 days.
A smart automation solution opens the door to a more efficient, profitable and lesser manual-intensive invoice management system that helps you be in complete control of the workflow. Experience error-free invoice matching, automatically pay for the correct invoice, and have greater visibility into the entire invoice process with automation.
Some benefits of automated invoice matching to keep in mind
- Save time, money and resources as much as 50% by automating your invoice systems
- Improved client-vendor relationships due to on-time invoice payments and reduced backlogs
- Increased visibility of operations with a single dashboard where all the data is consolidated into one
- Eliminate the need for manual effort and make use of a fully electronic workflow
- Capitalise on early-payment discounts by paying invoices promptly
- Auto-rejection of duplicate invoices uploaded by Logistics Service Providers, thereby avoiding numerous payments of the same invoice
- Improved auditing process via ability to time-stamp remarks and comments on each invoice
With automation to the rescue, it’s time to break free from manually processing your freight invoices and turn technology to your advantage.
Embark on your digital journey today and start paying less for your international freight procurement!