In any field, and especially in the business world, it is important to base decisions on reliable and effective parameters. In this article, we will highlight some of the main values that constitutebilling indicators that can help describe the evolution of electronic invoicing.
8 Electronic Invoicing Indicators
- Just three years ago, in the 2010 IAPP report, 99.7% of invoices were paper-based. According to a 2002 Gartner study, the cost of filing an invoice was $20. Meanwhile, retrieving a poorly filed invoice cost $120.
- An Accounts Payable clerk processes an average of 60 to 80 invoices per day, according to data extracted from ACFE Benchmarking. They have an average salary of €20,000 per year (European average = €27,000). In Mexico, the average salary for an Accounts Payable clerk is 110,930 pesos. In the US, it is $28,578.
- According to the 2003 IAPP report, for every 10,000 invoices per year, a newheadcountis required in Accounts Payable.
- With this approach, we find that the processing cost per invoice is €5.90 in Spain, €17.30 on average in Europe, 60.2 Mexican pesos, and $19.80 in the US.
- 98 % of Financial Directors use basic spreadsheets, updated manually, to analyse complex financial information. And in medium and large corporations, the financial directors cannot get the information that they need to efficiently measure the performance of the business.
- It is a process with many opportunities for improvement and optimization, mainly through outsourcing. According to Gartner, outsourcing grew by 9.5% year-on-year until 2007, and has continued to grow in recent years.
- And Gartner, in one of its studies, warns that it is much better to save than to increase sales. $100,000 in operating cost savings is equivalent to a $1.5 million increase in sales.
In conclusion, it is always a good idea to review the data we have and analyze whether we are missing out on important opportunities for business growth because we do not have a comprehensive view of the numbers. Electronic invoicing indicators show us the area of the company where the most savings and optimization can be achieved: Accounts Payable.
