When it comes to processing invoices, everyone involved wants it to go faster. Identifying how to streamline, though, requires expertise.
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 Often overlooked in technological upgrades, higher education invoicing processes are often outdated, causing slow turnaround time, costing money and, at times, introducing inaccuracies.
A recent study1, for example, found that 35 percent of higher education food invoices carry at least one overcharge. At the same time, according to American Productivity and Quality Center research2, labor comprises 62 percent of total Accounts Payable costs. Because labor costs play such a huge role in how much an invoice costs to process, some organizations’ outdated processes are causing them to spend nearly twice as much on invoicing processes as they would with more efficient processes.
All of that adds up to a lot of room for — and a lot of avenues to — improvement. However, so many moving parts can make finding inefficiencies difficult.