How much does it cost to process an invoice?
Nothing in business is free, and that includes processing invoices. Learn what impacts the cost of invoice processing to help reduce expenses.
The cost of invoice processing varies, but most businesses find it’s somewhere between $15 and $40 per invoice. To get to the lower end of the spectrum, first, keep an eye on the elements that can impact processing costs and second, streamline your accounts payable wherever you can.
What affects invoice processing costs?
To calculate the cost of invoice processing for your business, you need to know the elements that impact expenses. The following aspects can have a significant impact on invoice processing costs:
- Vendor relationships
- Supply chain
- Office supplies
- Time waste
- Accounting software
- Mail costs
There are dozens, if not hundreds, of things that can occur to impact costs between writing an invoice and making a payment. Plus, they can quickly add up if you’re not careful.
How to reduce invoice costs.
The best way to reduce invoice processing costs is to streamline your processes. Most businesses turn to accounts payable (AP) automation software to reduce some of the manual processes that are more error-prone and time consuming.
Since there’s a good bit of approval needed to process an invoice, using e-signature software like Adobe Sign can help everything move a bit more smoothly. Instead of dealing with printers and scanners, AP managers can approve and sign invoices with the click of a mouse. Fewer steps mean decreased labor, fewer errors, and reduced invoice costs.
Discover more about how Adobe Sign can help you with the cost of invoice processing by simplifying payment approvals.