“Processing supplier invoices is frustrating and tedious”, finance teams reveal
Manchester, 13th December 2017 - New research from Wax Digital has shown that the heavy burden of supplier invoice processing is leaving UK finance teams struggling with productivity. 82% of 200 UK finance professionals surveyed said that poor invoice process management was impacting their teams
60% say that processing supplier invoices is the most hated aspect of the job amongst their team, 70% find it laborious and tedious, and it causes frustration for 69%.
Over half of the finance people surveyed regularly have to deal with suppliers issuing invoices with incorrect financial values and 37% said that the wrong or missing PO numbers and non-matching line items are also common problems. For 34% missing VAT numbers were another frequent bugbear and 31% said that invoices often arrive addressed to the wrong legal entity within the business.
The study was conducted by Sapio Research on behalf of eProcurement provider Wax Digital, surveying over 200 senior managers responsible for finance.
Finance teams are particularly concerned about the knock-on effects of manual supplier invoice management:
While there is a clear appreciation of the pitfalls and problems posed by invoice management, the answer is equally apparent. 97% of those surveyed believe that automated invoice processing or eInvoicing would improve their teamimprovements and 45% would get people to find new solutions to managing errors.
Daniel Ball, director at Wax Digital says: rmance.
About the research
The research was conducted by Sapio Research and Wax Digital in September 2017.
The survey targeted 200 senior managers with a responsibility for finance in medium to large UK enterprises. 44% of respondents were from organisations with 50-249 staff, 37% had 500-999 staff and 19% had over 1000 staff.
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