November 1st, 2017
How long does it take to resolve an invoice error? According to APQC’s Open Standards Benchmarking survey on Accounts Payable and Expense Reimbursement, the lowest-performing companies need at least 7 days.
This figure includes time spent actually performing the resolution process and time spent waiting for other people to weigh in and move things forward. In contrast, top performers can clear up issues in just 3 days.
According to APQC, the root causes of invoicing errors often lie within the purchasing process: lack of standardization in purchase orders, mismatched invoice and PO numbers, manual data entry, or too many exception items that must be handled outside the usual processes.
Industry studies show that 8 out of 10 invoices will have at least one exception. Inspyrus features patent-pending auto 2/3-way PO match and GL coding to accelerate invoice processing and eliminate exceptions – and that’s just the start. See how our approach offers finance execs a Better Way.