I once heard that only a wet baby enjoys change. However, if you read any of my books (The 8 Pitfalls or The Argument to Automate), then you will get the picture that going from paper to automated is a big change. Not only is it a big change, but most small to medium size companies in the US don’t want to make it.
In my constant need to “preach” change based on numeric values (that’s numbers, ya’ll) I developed 5 simple steps to finding your cost per invoice (If you want to know more, then join me for a webinar that the kind folks at Doculynx asked me to do: https://www3.gotomeeting.com/register/489958222). Then, a few years ago I went overboard and launched the site http://www.costperinvoice.com. After a lot of hits, and another book, I realized that Accounts Payable was not the only aspect of accounting that could benefit from analyzing software. So, I expanded cost per invoice to cost per process. Cost per process is dedicated to finding out how much all accounting processes cost in order to see how much automation will impact the company’s current processes. Any process in accounting, especially if it has paper, has a cost. The current cost minus the automated cost multiplied by the number of transactions is the formula to finding your return on invoices (ROI). Here are some real numbers: $22 – $9 = $13. $13 x 48,000 Invoices = $624,000.If you can answer the question, “What could I do with an additional $624,000?”, then your company would be a good fit for automation.
Buy the book – The Argument to Automate – How Innovation Can INSPIRE Not Fire – click here to buy
(Also) To get your copy of The 8 Pitfalls of Accounts Payable Automation – click here to buy
For more information go to www.costperinvoice.com
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