Time vs. Money: Why Choose When You Can Save Both?

Time is the great equalizer in life. On any given day, no one person has more or less than another. Some choose to spend their hours differently than their friend, colleague, or competitor, but in the end, most people can use their 24 hours however they wish. Money on the other hand is the great separator, the social construct that separates the high from the middle from the low. 

For many, money is the more valuable commodity – the only true necessities in life are food, clothing, and shelter and these all require money to be obtained. But looking at the bigger picture, according to Psychology Today, “If you don’t invest the time needed to achieve goals, then all you have are empty ambitions”.

The truth is, in tech innovation and in the business world as a whole, it takes an abundance of both money and time to make a dent in any market.

While CEO’s and C-level executives believe every decision requires a choice be made between placing a higher value on the time or the money spent, startups and enterprises can now have the benefits of both thanks to the digital age of innovation.

Decision making is outcome and goal-oriented and in the case of finance, the goal is simple: “How can we spend the least amount of money and time on the project while maximizing ROI?” But every leader knows that when the going gets tough, the management of money and time can slip through the cracks. 

It’s likely you’ve faced this very question in your own accounting department when it comes to weighing the pros and cons that have the potential to save money but will definitely take ample time. A company that has a substantial volume of invoices to process and pay inevitably faces overpayments, omissions, and fraud due to human factors, system errors, and scarcity of resources and control. In fact, the majority of companies either do not audit their supplier invoices, or at best, perform such audits infrequently.

The overwhelm of trying to backtrack and audit thousands of past invoices will take a toll on AP teams in terms of time and money in three ways. First, it impacts the ability to recover and claw back lost funds, second, it can cause strain on supplier company relationships, and third, backtracking invoice audits diverts attention from current and strategic initiatives. So while time and resources are conserved by not deploying in-house staff to complete the mundane task of invoice auditing, the spend over time would be worth it considering that 73% of invoices contain errors.

New software, tools, and technology can aid finance teams in maximizing the work hours in a day, minimizing in-house costs that go toward the completion of repetitive tasks, and prove their ROI and value almost immediately.

With OpenEnvoy, CFOs don’t have to choose between time or money because they are able to achieve the benefits of both with virtually no manual effort. With real time automated auditing technology, companies are alerted of discrepancies between invoices and contracts and are guided through the steps of fixing presented errors, thus saving the time it would take to manually find discrepancies and go through the process of contacting suppliers, and the money of blindly paying for duplicate billings, excess charges, and instances of supplier fraud.

By investing in OpenEnvoy, you put another layer of control in your system and process to protect your company and its financial assets. It’s essential to be aware of how both money and time are used on your team, in your company, and in your own life, too. Both are necessary when it comes to keeping your business afloat and making steps toward reaching new milestones. 

Explore how the technology of today can help your team reap the benefits of saving time and money here at openenvoy.com.

5 Reasons to Automate Auditing of Your Supplier Invoices

The right freight invoice auditing process is critical if you want to control high shipping costs. Are you ready to avoid supplier overcharge and reap the benefits?

According to Gartner, 73% of invoices go unaudited1 because of the perception that invoice auditing is “too expensive.” As a result, companies are potentially overpaying tens of thousands of dollars every month, not to mention the labor-related costs to manually catch overcharges and then “claw back” erroneous charges. Avoiding invoice automation is no longer an option if your company’s financial goals include cutting freight costs, analyzing data and trends on your suppliers, expediting tedious or time-consuming tasks, and eliminating errors.

Here are five reasons why choosing OpenEnvoy for your invoice auditing efforts is a step in the right direction:

1) Capture immediate ROI

Automated invoice auditing software quickly and accurately compares every supplier invoice to the originating source document to the penny. This immediately catches discrepancies and ultimately helps you avoid overpaying hundreds of thousands of dollars in accidental or fraudulent overcharges. 

2) Maximize shipping cost efficiency 

It’s time to hold your suppliers accountable when it comes to shipping high-volume freight. Catching overcharges (fraudulent or accidental) before they happen saves you time and money.  OpenEnvoy’s AI is trained by experts to determine the accuracy of shipping charges compared to quotes and contracts.

3) Reduce in-house AP admin expenses and time spent on invoice management

Leave the auditing to us and free your team for more strategic work. Our software audits invoices, flags discrepancies, and provides reports on supplier trends. The tedious task of auditing is one that must be done with vigilance and accuracy – it’s too risky to leave solely  to humans.

4) Access dashboards to help you manage your supplier network more effectively

With OpenEnvoy, you’ll have clear visibility into supplier trends and patterns to identify your best suppliers and those requiring closer management. Real-time dashboards highlight potential savings, supplier accuracy, and where you can improve cashflow. 

5) Negotiate better rates with carriers in the future

With a dashboard summary of the business you’ve done and the invoice accuracy of each individual supplier, you’ll have the upperhand when it comes to negotiating rates and discussing contracts for the future. You can also review your network as a whole to fine-tune your supplier strategy. 

When it comes to auditing invoices, automating that process is the clear choice. If you’re interested in saving time and money while improving accuracy and speed, connect with an expert to discuss how we can help you combat invoice fraud.

1 Source: Gartner Research, 2019

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