5 Reasons to Automate Auditing of Your Vendor Invoices

The right freight invoice auditing process is critical if you want to control high shipping costs. Are you ready to avoid vendor 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 vendors, 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 vendor 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 vendors 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 vendor 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 vendor network more effectively

With OpenEnvoy, you’ll have clear visibility into vendor trends and patterns to identify your best vendors and those requiring closer management. Real-time dashboards highlight potential savings, vendor 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 vendor, 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 vendor 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}