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In a 2018 survey, it was revealed that treasury teams at US and European brands spend nearly 4,812 hours every year on spreadsheets for managing cash, payments, and accounting tasks. HR teams have to digitize employee records, while purchase teams spend hours processing purchaseorders. in 2018 to 3.8
Once a set of vendors has been identified, they are compared for quality, price, reliability, customerservice and other criteria that the company deems important. The contract may simply be a call for quotation, issuing purchaseorders and getting the item.
💡 According to a 2018 Goldman Sachs report , North American B2B businesses spend around $187 billion annually on AP processing, with labor alone accounting for over 90% of direct costs. Integrate a system that supports 3-way matching by using OCR to verify invoices against purchaseorders and delivery notes.
12) Hubdoc Acquired by Xero in 2018, Hubdoc‘s claim to fame is its invoice fetching capabilities. Get all your bills & purchaseorders into the mobile app, track the status of them there and route them through a pretty slick approval process before sending them over to one of their many integrations, such as QBO.
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