Every company receives invoices that must be paid—more than 14,400 every year on average. They can be a source of wasted effort, security and compliance risk, and lost money. However, converting the 70-80% of invoices received on paper to electronic files and extracting critical financial data to inform automated processes can be a source of significant improvements. Here’s how one of our customers is using ECMNOW! to bring intelligent automation to their accounts payable (AP) team.
Located in Ankeny, IA Industrial Refrigeration Services, Inc. (IRS) is a turnkey refrigeration, HVAC, and electrical contractor. With over twenty-five years of experience serving the Upper Midwest, they offer superior performance for both commercial and industrial projects. They receive about 24,000 invoices each year, most of which were being processed on paper and hand-delivered through approval processes.
After converting paper invoices to digital files, shifting records management to the cloud, and moving toward automation, IRS has frozen accounting inefficiency. They have recovered 500 hours of previously wasted invoice processing time and are saving nearly $10,000 per year in AP costs. Thanks to ECMNOW!, they are now on their way to being paperless.
Read the whole story here.