Is every vendor price the best that it can be? Can you be certain that every price on every invoice is correct? Are there variations in price for the same item in different locations? Have there been price increases that have not been approved correctly? How have price fluctuations affected purchasing?
We have identified discrepancies of between 1% and 3% in vendor pricing when invoices are analysed. That’s $10k to $30k for every $1m spent with vendors.
Multiply these variances by your annual spend to estimate the impact on your business.
Continue reading Introducing OnePosting Price Monitor
Digital transformation has been a common theme for the last few years. One area that wasn’t moving as quickly into that general direction was the finance department. A number of industry players have banded together to create an initiative under the DX Agents. One of the challenges that finance departments face is where they can start. What is the low hanging fruit for the finance department? We at OnePosting are big supporters of this digital transformation and feel that, for many firms, a great place to start looking is at their processes and systems around invoicing. There are often opportunities both with Accounts Payable and Accounts Receivable. Here are a few benefits of starting with your finance department’s digital transformation with invoices.
Continue reading Invoicing is Low Hanging Fruit for Digital Transformation
At OnePosting we have talked with hundreds of organizations about helping to improve their outbound invoices. Many say we already have a digital process for some of our customers as we are emailing invoices attached as PDFs. This is an eInvoicing myth as emailing invoices is not a scalable solution if you are looking to grow your business and become more efficient. Here are some of the issues associated with emailing invoices as PDFs.
Continue reading Emailing Invoices is Not a Scalable Solution