For businessess for any size the cost to process an invoice makes up a big chunk in the cost of maintaining acccouts
In one of the studies it was found that the cost to process a vendor payment ranging from $5 to $26 an invoice. Studies have consistently highlighted the median cost to process a vendor payment across all respondents of approximately $6.00.
Another facet is the correlation between the cost to process an A/P invoice and the size of the company. In order to optimize vendor payment, it's suggested to benchmark your time require to complete a voice and the number of Accounts payable staffer ration.
Total processing time per vendor invoice in your biz should average less than 3 days.
Streamlined invoice process cost will help you to:
- Drive down costs
- Avoid compliance-related penalties
- Increase productivity
- Insure policies are current
- Keep up with AP methods and technologies
- Maintain necessary internal controls
