While there may be a number of reasons that organizations cannot pay bills exist, this article aims to evaluate manual company processes that prevent a company from capitalizing on early-pay discounts.
- Manually Processing Invoices or Poor AP Automation
One of the most obvious reasons a company fails to capitalize on early-pay discounts comes from inefficiency in the invoice processing process. Oftentimes, companies become saturated with invoices and end up hiring temps to help clear invoice backlogs.
- Still Receiving Paper Invoices
When invoices cannot be traced and there is no digital record of receiving an invoice, paper invoices can end up being lost or overlooked. Companies are usually only notified when they are past due on an invoice.
- No Traceability
A lack of tools used to process invoices can lead to invoice oversight. When not utilizing a tool that can inform users of late or nearing deadlines, invoice discounts can be frequently lost.
- Employee Oversight
Many invoice approvals rely on a sequence of invoice approvals. When employees are late or forgetful on invoice approval notices, invoices and especially early pay discounts slip through the cracks.
- Lack of Management
AP always needs some form of management, whether it be to resolve invoice exceptions, or cracking down on forgetful approvers. A lack of management often causes invoice approvals and other issues to delay invoices beyond early pay discount dates.
EZ Cloud offers a variety of features to assist in capitalizing on early-pay discounts:
- EZ Cloud offers a machine-learning-based extraction engine that is tuned specifically for your company. An already industry-leading extraction rate increases gradually over time as you process invoices.
- EZ Cloud offers digital capture methods including email capture for customers looking to digitize how they receive invoices. Additionally, suppliers can be invited to collaborate with your organization, where they can upload invoices directly to you in the EZ Cloud application.
- EZ Cloud offers a variety of powerful metrics including tracking invoice due dates, employee oversight, etc. Issues preventing you from capitalizing on early-pay discounts can easily be traced to the root of the problem.
Want to learn more about how EZ Cloud can improve your current process? Schedule a demo with us here.