Costs
Did you know that AP departments can spend up to $20 to process 1 invoice? If you are only processing 50 invoices per day, you would be spending $365,000 per year to process invoices. By outsourcing your AP process, you can cut that cost by 40% to 60% yearly.
Repurpose your A/P employees
The biggest asset to your company is your employees. They are the ones that drive your company’s profits, sales and customer service daily. Why waste time and your money when you can outsource the AP processing. Outsourcing doesn’t mean letting you have to let your employees go, rather, free them up to do the work that the is essential to your company by working on collections, dealing with exceptions and working with vendors and customers to improve relationships. Focusing on moving the business forward instead of doing busy work.
Quick Pay Discounts
Outsourcing AP processing is a faster way of paying your invoices. With a quicker turnaround, you can take full advantage of quick pay discounts which more and more vendors are offering. These discounts can add up over the year and save your company lots of money otherwise not being taking advantage with standard in house processing.
Error Handling
Employees are humans and are prone to make mistakes. Outsourcing your AP processing ensures that companies invoices are processed error-free. Dealing with errors can not only be a major headache, they are costly to fix and/or resolve with vendors.
No Touch AP Processing
If any of your AP processing staff needs to take time off, get sick, or is unable to come into work, your invoices will still be processed. Even losing just one employee means a reduction in the efficiency of your AP process. By outsourcing, daily processing of your invoices will not miss a beat.
Quick Books Close Out
Outsourcing creates a better relationship with your vendors, making sure that they are being paid, and taking advantage of their quick pay discounts. Not only does this save your company money but ensures that you can close out our books quickly at the end accounting cycles.