Environmentally-friendly A/P
Expense receipts and invoices are scanned or electronically uploaded into the system. They are then routed electronically for approval and the images stored on our servers for future retrieval. Notes, approvals, collaboration – it’s all electronic and it’s even available via mobile devices.
No more paper forms, no duplicate copying, no more paper mailing envelopes, no shipping costs, no associated petroleum usage, reduced energy consumption from centralized data centers and the eco-benefits continue.
While you're at it, save some green too!
CFOs worldwide have done the simple math to begin realizing the cost savings benefits. Take a look.
Personnel Processing Costs
According to payables industry think tanks, processing a paper expense report or manual invoice will cost your organization upwards of $30 - $40 (initial report entry, approval routing, collaboration and corrections, entry in financial systems, receipt scanning, etc.) Those internal processing costs can be slashed by 75% or more using Chrome River.
Audit Request Costs
Clients and auditors are checking your bills more often and more thoroughly than ever. Every trip to the file cabinets, record rooms and offsite storage sites costs you lots of money. Chrome River includes integrated imaging and a series of audit process controls. In just a few clicks, retrieve all the answers you need.
Time Is Money
If vendor invoices aren’t paid on time, late charges accrue. Organizations which bill clients for expenses also know that timely billing is critical. Having an efficient payables workflow process makes it easier for your employees to submit invoices and expenses and for those transactions to fly through your system to reduce interest penalties and billing write-offs.
Policy Enforcement Changes Behavior
It’s human nature…when your users know that certain expenses must be pre-approved, that spending outside of client or company policy will be flagged, questioned and monitored, everyone is more careful staying in line. Behavior is changed, the business is improved by all and money is saved…simple!
Analytics
Having ready access to actionable data for your managers, procurement personnel and others saves money throughout the organization. Managers are able to watch budgets closely with real-time information. Procurement personnel can negotiate more effectively with competing vendors, when they’re equipped with comprehensive spending information.
Want us to prove it?
Contact us for a simple ROI analysis for your organization. We can specifically show you just how much money you can soon be driving to the bottom line while saving the environment and improving your business operations.
