Struggling to gain internal support for your invoice-to-cash improvement initiatives?
Show a 70% cost reduction with straight-through processing (STP) and see how the conversation shifts.
As a finance professional on the supplier side, you have a front-row seat to the monthly invoice-to-cash cycle. You live and breathe the inefficiencies and errors. You know why customers aren’t paying on time. And you know why it takes far longer to close the books than what is ‘expected’.
But your concerns and proposed resolutions are often met with short-term or band-aid fixes – a change in process versus a change in approach.
Why? Invoice-to-cash in its entirety is a beast to tackle. Its wide-reaching and intertwined processes are complex and costly. It’s dependent on a slew of different departments and touch points. And it has significant impacts on how cash is received and applied.
The silver lining? With complexity and cost comes significant upside potential. And at Globys, our clients have found one tried and true way of pushing invoice-to-cash initiatives to the top of the priority list.
A set of metrics that are standard to any B2B practice can be used to determine the potential cost savings yet to be realized in your invoice-to-cash. And leveraging these metrics with benchmark improvements applied, Globys Research shows an an average cost savings of 50% to 70%.
It’s important to note that this cost analysis extends far beyond paper and postage savings. It encompasses the entire process required to receive and apply customer payments.
So what’s driving these costs down?
It starts with digital presentment of the invoice – in a way that makes it easy for customers to organize and allocate based on their specific AP requirements. Customers can self-resolve inquiries and if and when disputes are raised, logic automatically determines resolution or triggers data-driven actions. Electronic payments are automatically connected to remittance data – removing the manual invention that’s common place today.
It’s about automating your entire invoice-to-cash process. And in turn, removing costly document and manual-based processes.
Curious if there’s a 50-70% improvement sitting within your invoice-to-cash?
Contact us for a free invoice-to-cash savings analysis.
Ask about our products, experience, implementation, or anything else. Our data and adoption experts are here to help you find the best solution for you and your customers.
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