Many colleges and universities have not automated key financial processes and as a result, many don’t understand just how much these processes are costing them.
Often overlooked in technological upgrades, invoicing processes at many colleges and universities are outdated, causing slow turnaround time, costing money, and at times, introducing inaccuracies. A recent study by University Business, for example, found that 35 percent of higher education food invoices carry at least one overcharge. Some organizations’ outdated processes are causing them to spend nearly twice as much on invoicing processes as they would with more efficient processes.1
We’ve developed a self-assessment aimed at helping you see how advanced your approach to invoicing processes is and identify areas for potential improvement.