Invoice processing is a critical activity to keep cash flowing through your business. Principal offers a complete automated solution to help you meet all your invoice processing challenges - enabling you to focus on your core business. Using our extensive expertise we can seamlessly integrate an effective solution into your existing IT systems and provide tailored ongoing support.
Manual invoice processing is slow, expensive and prone to errors. Research has shown that it costs on average £15 and 10 days to process an invoice. Data entry alone can take the majority of accounts payable time and 20% of invoices are paid late, often incurring financial penalties.
Slow, inefficient invoice processing is costly. Lost documents increase the risk of errors and can be very time consuming – resolving discrepancies, handling disputes and answering supplier queries – as well as damaging to supplier relations, resulting in slower procurement.
Without proper control over the invoice process maintaining optimum cash flow is difficult - outstanding liabilities are unclear and correct forecasting can be severely hampered. It is also difficult to ensure efficiency unless you can easily analyse process performance.
Retrieving and auditing invoice data is essential to ensure it has been captured correctly. Data must also be securely archived – costly with bulky paper documents - to meet regulatory demands and mitigate fraud.
Principal’s Invoice Processing Solution automates your invoice receipt, validation and approval workflow and allows you to process invoices up to 50% faster. From invoice scanning right through to archiving, invoices are processed quickly, efficiently and automatically. Errors are flagged and invoices are linked to purchase orders and delivery notes before being sent for authorisation, while reporting options put you in control.
We analyse your existing infrastructure to see where you can save costs and improve your efficiency.View all case studies
“I was given all the information by Principal so I could make a direct comparison between print solutions.We needed Principal to step in and give us a plan of action.”
Head of IT