Regardless of size or industry, every company receives invoices for goods and services. Whether thousands of dollars for raw materials or a few hundred dollars for office supplies, invoices need to be verified for accuracy; thus the Accounts Payable department is an integral part of every company.
A recent study shows that the average company takes 15.8 days to process an invoice at a cost of $9.38 – best in class companies take 2.8 days at a cost of $2.18. What makes the difference? Electronic invoices that are automatically matched to POs for quicker and more efficient approval.
TradeRocket offers a simple tool for AP departments to eliminate paper invoices and take control of their approval process. Through the TradeRocket platform, a supplier submits their invoice, and the platform creates an electronic invoice and automatically compares it to the Buyer’s PO and receipt document. This will ensure that the invoice is correct and that the goods and services have indeed been received.
The TradeRocket platform will let the AP department know if the invoice is correct and can be scheduled for payment. If the invoice contains information that the platform can’t verify, the AP person can look at an image of the PO and invoice, to quickly make a decision. If other individuals need to approve the invoice, the AP person can easily start an email-based workflow, which allows the other decision makers to review and approve/reject the invoice online. This greatly reduces the time spent matching POs with invoices and getting invoices approved.
As an added bonus, suppliers can log onto the TradeRocket portal and see if their invoices have been approved and scheduled for payment – without having to contact the AP department! TradeRocket helps your company reduce invoice processing costs by eliminating paper invoices, streamlining the approval process and eliminating supplier inquiry calls into AP.