There's a reason that many businesses are saying goodbye to their paper-based invoicing processes - they’re expensive… in terms of time and money. In fact, Revenue and Business Minister Stuart Nash recently said that collectively, New Zealand and Australian business could save $30 billion over the next 10 years, if everyone switches to electronic invoicing.
The costs associated with paper-based invoicing are well-known. They include the time it takes to process invoices manually, the potential for errors with data being entered manually, and the risk of paper-based invoices being lost or damaged, making on-time payment impossible.
Invoice processing is a key process for any business, and making the move towards digitisation is becoming increasingly necessary. Digitisation enables automation, which eliminates errors, streamlines the process making it much faster, and provides transparency and visibility from end-to-end.
Many businesses are looking to digitise their invoicing process as a means of saving time and money, and those that have are achieving significant savings by managing invoices electronically. At Olympic, we've received similar feedback from all clients. The use of the platform has resulted in improvements in process efficiency, data accuracy, early identification of queries, and shortened month end close times. Several clients have been able to deploy staff to more high value tasks as a result of the efficiencies gained.
Because the digital process is automated, invoices go immediately to the right people who can approve it with the click of a button. There is no time wasted landing on the wrong desk, getting lost in transit, or becoming buried underneath other paperwork. Once approved, invoices are then captured within the organisation’s own ERP or finance system where the data can be stored and analysed to understand trends and facilitate business decision-making.
Is it worth investing in a solution that would digitise and automate your invoicing processes?
To help you figure out what your return on investment would be, we've developed a calculator that will show you how much your business can save by digitising your accounts payable process.
- determine the costs of manually processing hundreds of invoices every month
- estimate the savings you could achieve by digitally transforming your incoming invoice approvals and payment process
- forecast monthly savings after implementing an automated invoicing system.
Simple to use, all you need to know is how many invoices your business currently processes each month and the calculator does the rest.
Once you've crunched the numbers, you’ll see how much your business can save. Our goal at Olympic is to transform the way you work, and when it comes to digitisation and automation, our DX2 solution is unique. It's easy to use, so it boosts productivity and communication, as well as streamlining your entire invoicing process. It's the ideal solution for your journey to digital transformation.