Financial processes are the “circulatory system” of every business. Even so, companies pay too little attention to keeping their financial supply chain in shape.

Only around a third of all businesses conduct their billing, invoicing and archiving electronically. The result: around 150 million euros are spent worldwide on the processing of bills and customer complaints, which could be saved with the automation of the financial supply chain. With “e-invoicing,” it’s possible to eliminate the archiving of paper documents, to greatly shorten processing time, to reduce the margin of error and to tap into all your rebating possibilities – after all, 75% of missed discounts are due to overly complicated in-house processes.

These impressive figures are the result of a study carried out last year by billinx (AirPlus), Bonpago GmbH and the Department of Electronic Commerce at the University of Frankfurt am Main.

The result: a savings potential of up to 300% is possible in the processing of bills as well as complaints.

A good example is the cost involved in the processing of a single bill. The range is between the “bargain“rate of 7 euros and 23 euros – an amount that hints at an enormous savings potential. Add to that the fact that close to 20% of all bills are incorrect and even billing processes themselves are often misjudged. “Those responsible in many companies are aware of the savings potential in financial supply chain management, but often the consistent implementation is lacking,” according to Stefan Wälde, an expert at billinx. The fundamental reason for this is that an awareness of the entirety and complexity of financial processes is often still in its infancy.

The “Linking Financial Worlds“ study is based on 50 interviews with financial experts from German finance departments and a survey of financial directors. It analyzes the purchasing and financial processes of distributors and buyers.

For more information: www.billinx.com