The average cost to manually process an invoice is more than $8, and approximately 70 percent of this cost is wrapped up in document handling and data entry processes, according to a survey conducted by the International Accounts Payable Professionals. For companies faced with processing thousands of invoices a month, these costs can place a significant drain on a business. Moreover, the inefficiencies inherent in manual invoice processing can lead to data entry errors or late payments that can negatively affect a company's credit standing or customer satisfaction levels.
Oakwood Worldwide, reportedly the leading temporary corporate housing and serviced apartment provider in the world, realized the negative impact manual invoice processing was having on its business and implemented an intelligent data capture solution to automate steps in the process and maximize efficiencies.
Source: Integrated Solutions, http://www.integratedsolutionsmag.com