If you read our previous blog post about how CFOs can save on time and money spent by finance teams, you know that both are incredibly valuable. But, skimping on either may lead to detrimental challenges in the long run, including an influx in never-ending tedious manual processes, or offset in spend for softwares and digital tools.
Let’s be honest, invoice auditing is a pain. The task of auditing thousands of invoices a month is simply not scalable. Most freight companies that cannot compete with the demand of meticulously auditing each invoice will resort to spot checks. But with at least 25% of invoices having errors, are spot checks going to recoup more than a fraction of total overspend?
There is also the challenge of being able to calibrate to different formats, discounts, contracts, and situations. While the invoices for some vendors are straightforward and simple to decipher, those with complexities can contain hidden fees that will take time and attention to discover.
If your company’s finance team has a solid process for invoice auditing, there’s still the question of “who do we turn to to carry this out?” With workplace structures in flux as we readjust to working post-pandemic, finance teams need:
This is especially true now more than ever when it comes to managing freight vendor relationships, invoice overcharges (fraudulent or accidental), and various invoice-versus-contract discrepancies.
A happy medium would be a tool that helps automate manual processes at a reasonable cost and generates clear and quick ROI. Sounds too good to be true, but…
With OpenEnvoy, CFOs don’t have to choose between time or money and don’t have to sacrifice quality of work either because they are able to achieve all of these benefits with virtually no manual effort. Thanks to OpenEnvoy’s real time automated auditing technology, companies are alerted of discrepancies between invoices and contracts and are guided through the steps of fixing presented errors. This allows companies to save the time it would take to manually find discrepancies and go through the process of contacting vendors, and the money of blindly paying for duplicate billings, excess charges, and instances of vendor fraud before payment is actually made. It’s truly the time saver of the year for CFOs, Controllers and AP teams.
What does more time mean for you and your team? The opportunity and time to:
- Strategize best practices to streamline other processes
- Set and achieve goals that bring your company closer to the next big thing
- Follow up with vendors on uncovered invoice overcharges
By investing in OpenEnvoy, you put another layer of control in your system and process to protect your company and its financial assets. It’s essential to be aware of how both time and money are used on your team, in your company, and in your own life. Both are necessary when it comes to keeping your business afloat and making steps toward reaching new milestones.Explore how OpenEnvoy can help your team reap the benefits of saving time and money by automating invoice auditing. Check out https://futurefinops.wpengine.com and make sure to connect with an expert.