Manual invoice processing is a hidden drain on your company's profits. While focusing on growth, this inefficiency silently erodes your bottom line, often unnoticed in traditional financial reports.
Businesses lose billions each year to inefficient AP processes. Every manually processed invoice adds to the drain on profitability.
The 6 ways manual invoice processing drains your profits
- High processing costs
- Manual invoices cost $13.11 each vs. $3.12 with automation.
- Processing takes 19.37 days vs. 3.71 days with automation.
- Labor accounts for most AP expenses.
- Matching errors
- Quantity mismatches lead to overpayments.
- Price discrepancies go undetected.
- Poor verification results in payment errors.
- Duplicate payments
- Manual systems fail to catch duplicate invoices.
- Recovering overpayments wastes time and resources.
- Missed discounts
- Slow processing forfeits 2-3% early payment discounts.
- A $10M spend could lose $200K-$300K in savings.
- Compliance risks
- Non-compliance leads to regulatory fines.
- Audits require excessive manual prep.
- Weak controls increase fraud risk.
- Lost strategic value
- Finance teams waste time on manual tasks.
- Slow month-end closing delays key financial insights.
These inefficiencies can lead to strained supplier relationships, reduced competitiveness, innovation delays, missed growth opportunities, and employee burnout due to repetitive tasks.
How AI-powered automation solves these challenges
Leading companies are addressing these AP challenges with AI-powered automation:
- Invoice validation – Detects errors in real time before payments are made.
- Automated matching – Ensures purchase orders, invoices, and receipts align.
- Duplicate detection – Flags and prevents duplicate payments.
- Discount optimization – Captures early payment discounts automatically.
- Predictive analytics – Improves cash flow management with data-driven insights.
- Fraud detection – Uses machine learning to identify and stop fraudulent transactions.
Organizations implementing AI-driven financial automation report achieve these benefits of AI-powered automation
- Fewer payment errors: Up to a 98% reduction.
- Cost savings: Processing costs lowered by 75%.
- Faster cycles: Invoice processing times reduced by 85%.
- Improved compliance: Achieving full adherence to regulations.
- Enhanced productivity: Staff efficiency increased by 30%.
- Better visibility: Comprehensive insights into spending patterns.
Get started
With OpenEnvoy, you can:
- Process invoices efficiently: Handle up to 14,000 invoices per hour with high accuracy.
- Eliminate overpayments: Utilize touchless multi-way matching.
- Prevent duplicates: Identify and stop duplicate invoices before payment.
- Gain spending insights: Achieve full visibility into spending patterns and vendor performance.
- Free your team: Allow your finance staff to focus on strategic tasks.
OpenEnvoy delivers measurable results: eliminating manual processing, preventing overpayments, reducing manual effort, and providing immediate access to accurate spending data.
Ready to stop the cash leaks? Discover how OpenEnvoy can help you prevent financial losses with AI-powered automation.
