This means that the document has to be taken back, reprinted and sent out again. Because every mistake on a paper invoice must be corrected. The time spent checking and resolving errors could be spent on other activities. The accounting team knows best that one incorrect entry can lead to an incredible waste of time. Manual management also means being attentive to legislative changes. Indeed, a careless mistake can happen very quickly! Many anomalies are encountered: errors in contact details, figures or calculations (discount or VAT not done or wrong). According to a study by Aberdeen Group, 8 out of 10 supplier invoices contain at least one input error. They are an incentive to change the way you handle invoicing: from paper to electronic format, from manual processing to an automated approach.Īnother cause of invoice payment delays is the rejection of incorrect invoices. It is easy to see why these tasks are counterproductive. In short, these various time-consuming reasons often have a cost for you, and lengthen payment times for your suppliers. Another problem that can be encountered is the time wasted searching for a misfiled document (in 2017, 3% of the documents managed by a company are misfiled, according to the same study). In 2017, according to a study by Kodak Alaris, 7.5% of paper documents managed by a company are lost. Such a long retention period and the cumbersome manual processing inevitably lead to document loss. However, these retention periods imply archiving. The invoice must then be kept for a minimum of 6 years for tax purposes and for a minimum of 10 years for legal purposes. Once received, the mail has to be sorted, the paper invoice is scanned, typed, processed before being sent to the relevant department for validation and then returned to the finance department, provided it does not remain "dormant" in an office. And this paper invoice will take at least 3 days to be delivered by post, if it arrives at all (whereas an electronic delivery takes a few seconds). This suggests publishing costs, as well as mailing costs. An invoice in paper format has to be printed in several copies (at least one copy for the sender and one for the customer). The primary cause of these delays is the long processing times for manually managed paper or PDF invoices.
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