Find out with PayStream’s new Cost per Invoice Calculator
In a drive to decrease costs while increasing productivity, more companies are migrating towards financial automation solutions in an effort to streamline AP procedures. However, before any procedures can be put in place, it’s important to learn where your company’s AP procedures currently rank. The old adage, “what gets measured gets done,” is certainly applicable to AP initiatives. After all, it’s difficult to measure performance without having a starting point.
Calculating the average cost to process an invoice, by invoice type can provide valuable insights into the factors driving the costs and ways to reduce total costs. The PayStream Cost per Invoice Calculator does all the hard work for you. Simply plug in the requested information and the PayStream Calculator will tell you what your company’s average cost to process an invoice is.
To ensure the smooth functioning of an AP department, key performance indicators (KPI) such as the cost to process an invoice, should be measured periodically – at least once every quarter or six months. Measuring and comparing KPIs before and after a new technology initiative is a good indication of the impact it has on the AP process.
With a little bit of information, you can easily gain insight into the factors driving costs and gain ideas on reducing total costs. Take the first step and calculate your cost per invoice with PayStream’s new Cost per Invoice Calculator.