Businesses across the UK are feeling the financial strain of processing purchase invoices, with costs soaring to a staggering £25 per invoice, according to a recent survey. In response, IBN Technologies is introducing a cost-effective accounts payable solution to streamline and manage expenses.
The findings of the survey revealed that the cost associated with invoice processing varies significantly, ranging from £4 to as much as £25 per invoice. Public sector expenditures have also come under the microscope, with 92% of local authorities having exceeded the established £1 target for invoice processing costs.
For medium-sized companies, such costs can become particularly impactful. For example, 10,000 invoices processed per month can lead to an annual tally of £480,000 in accounts payable processing expenses, diverting resources away from more strategic avenues.
“Businesses often underestimate the hidden costs of invoice processing. Even the seemingly small expenses can quickly add up, significantly impacting the overall bottom line,” said CEO Ajay Mehta, IBN Technologies.
The complexity of Value Added Tax (VAT) regulations has been identified as another contributing factor to the rising costs of invoice processing. Errors can arise from the precise calculations for input and output VAT, along with VAT reconciliation and adherence to reporting deadlines, leading to delayed processing and an overall escalation in expenses.
These challenges have prompted IBN Technologies to offer UK businesses a streamlined and cost-effective accounts payable solution. With a proven track record spanning 24+ years, they are providing an opportunity to optimize financial processes and alleviate fiscal pressure.
CEO Ajay Mehta added, “With our solution, we aim to empower businesses with the services they need to navigate complex financial processes with ease.”
IBN Technologies is a third-party software provider, leveraging a range of software platforms such as bill.com, QuickBooks, Xero, and Sage. They possess extensive expertise in advanced AP automation solutions, enabling businesses to streamline their financial operations, allocate resources more efficiently, and ultimately enhance profitability.
IBN Technologies Ltd is an outsourcing specialist company with clients in the United States, the United Kingdom, the Middle East, and India. With a commitment to delivering lasting value to UK businesses, their quality of procedures is certified by ISO 9001:2015, 27001:2022 as well as a CMMI-5 certification.
A recent survey has revealed a startling reality about invoice processing costs in the UK – they are reaching up to staggering £25 per invoice. This has placed a spotlight on the financial strains that businesses, both large and small, are experiencing as a result. In response, IBN Technologies Ltd is introducing a cost-effective accounts payable solution to help streamline and manage expenses.
CEO Ajay Mehta commented: “Businesses often underestimate the hidden costs of invoice processing. Even the seemingly small expenses can quickly add up, significantly impacting the overall bottom line. With our solution, we aim to empower businesses with the services they need to navigate complex financial processes with ease.”
IBN Technologies, which has a proven track record spanning 24+ years, is providing UK businesses with an opportunity to optimize their financial processes and alleviate fiscal pressure. The company’s services enable businesses to streamline their financial operations, allocate resources more efficiently, and ultimately enhance profitability. IBN Technologies is a third-party software provider, leveraging a range of software platforms such as bill.com, QuickBooks, Xero, and Sage.
CEO Ajay Mehta added, “We are proud to be offering a new benchmark of excellence in handling accounts payable, helping businesses reduce operational costs and remain compliant with HMRC stipulations.”
IBN Technologies Ltd is an outsourcing specialist company with clients in the United States, the United Kingdom, the Middle East, and India. The quality of their procedures is certified by ISO 9001:2015, 27001:2022 as well as a CMMI-5 certification.
UK businesses are facing soaring costs when it comes to processing purchase invoices, with a recent survey revealing that expenses can reach up to £25 per invoice. In response, IBN Technologies Ltd is introducing a cost-effective accounts payable solution to help streamline and manage expenses.
CEO Ajay Mehta commented: “Businesses often underestimate the hidden costs of invoice processing. Even the seemingly small expenses can quickly add up, significantly impacting the overall bottom line. With our solution, we aim to empower businesses with the services they need to navigate complex financial processes with ease.”
IBN Technologies is a third-party software provider, leveraging a range of software platforms such as bill.com, QuickBooks, Xero, and Sage. Their services enable businesses to streamline their financial operations, allocate resources more efficiently, and ultimately enhance profitability. The company has a proven track record spanning
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.