FAQs Invoice Management Invoice Management What are the problems most frequently reported by companies regarding invoice management?
What are the problems most frequently reported by companies regarding invoice management?
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- Friday, 21 November 2008
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Answer
- Reliance on Manual Processes - Most organizations (and all major analyst groups) cite lack of automation as a primary obstacle to achieving better management of their invoices. The number and size today’s of voice, data, and mobile invoices are such that too complex to allow for old fashioned “stare and compare” auditing to ensure accuracy and move them through the payment cycle.
- Process inefficiencies – The scope of an organization’s billing can be so enormous that it is virtually impossible to audit, allocate, get approvals, and cut checks quickly enough to meet the 30 day carrier turnaround cycle. That can result in thousands in lost bills, disconnection of services, and more often, late payments and overpayments.
- Centralization – Organizations that operate in multiple locations struggle with how to centralize billing while still being able to allocate actual costs and usage to the correct department or business unit.
- Lack of visibility – Department or business unit managers responsible for managing expenses and budgets have little immediate visibility into usage or the associated costs.
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