How is the Centralized Invoice tracking system changing the business landscape?
When organizations undergo expansion, they are forced to deal with the passive manual process for managing their vendor payments, complicating their business process due to the lengthy, time-consuming methods and complexities involved. After a point, one will realize that it is impossible to keep track of the expenditures through excel sheets since the data keeps piling up. The more the information, the more the confusion and potential for making errors.
Irrespective of the business's nature, many firms, large and small, continue with the manual and complex processes for managing their supplier payments, increasing the average invoice processing cost. As per the research conducted by the Institute of Financial Operations (IFO), on average, 50% of the invoices are still received on paper, 37% are sent via email as PDF files, and 5% are received through fax. With the pandemic disrupting the industries worldwide, many employees have opted to work from home. These conditions have encouraged opportunistic fraudsters to take advantage of the massive, productivity-crushing gaps in your company's supply chain. A highly effective invoice automation solution will help the enterprises and banks sustain their productivity and profitability during these instability times.