Invoice management a burden on UK businesses - research

Friday 29 December 2017 09:27 CET | News

New research from Wax Digital has shown that the heavy burden of supplier invoice processing is leaving UK finance teams struggling with productivity.

The research conducted by Sapio Research and Wax Digital in September 2017 shows that 82% of 200 UK finance professionals surveyed said that poor invoice process management was impacting their teams’ ability to perform effectively and leading to low job satisfaction.

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.

Finance teams are particularly concerned about the knock-on effects of manual supplier invoice management:

  • Many worry about departmental output, with 45% citing impact on organisational efficiency

  • 37% go on to say that these issues could hurt supplier relationships

  • Just over one third also fear their team will make additional manual process errors

  • A similar number show concern that their frustrated colleagues will leave their jobs

97% of those surveyed believe that automated invoice processing or e-invoicing would improve their team’s job fulfilment and 99% see opportunities to reallocate personnel who are manually processing invoices to more useful tasks. 46% would move people to work on process improvements and 45% would get people to find new solutions to managing errors.

The study was conducted by Sapio Research on behalf of e-procurement provider Wax Digital, and 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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Keywords: e invoicing, supply chain finance, supply chain, eProcurement, Wax Digital, study, UK
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: World
This article is part of category

Banking & Fintech