Cost efficiency through automated invoice verification
Automated audit makes manual work a thing of the past: Automation simplifies processes, reduces the risk of errors, and dramatically decreases the cost of your financial organization. We will show you how.
With the help of the latest technologies, it is possible to automate up to 90% of the processes associated with invoice verification.
Invoice verification refers to the process of verifying whether an invoice has been posted accurately. This means that each invoice must comply with the provisions of “§ 14 VAT Act” (formal audit) and be booked in accordance with the respective order and delivery (factual audit). Such a task, which comprises several points of contact between the different entities within a company, is typically the largest cost centre of a financial organization. For companies that still receive most of their invoices on paper, there are average processing costs of up to 15€ per invoice. Following our best practice approach, the cost per invoice transaction can be as low as 2€, even for companies that are still in the early stages of e-Invoicing. For companies with an e-Invoicing quota of more than 50%, our best practice approach can further reduce the costs per transaction to less than 1€.
A completely automated and efficient invoice verification process requires the development of points of contact between the relevant departments, the modification of processes, and the implementation of the latest technologies.