May 12, 2022, 10:00 ET
OpenEnvoy offers finance teams a preventative solution allowing them to save significant amounts of time and money by identifying invoice duplication before payments are issued.
OAKLAND, Calif., May 12, 2022 /PRNewswire/ -- OpenEnvoy, the Bay Area fintech company that created the first real-time variable cost AP automation, finds that nearly 10% of all invoices are duplicates.
A recent study conducted by OpenEnvoy concluded that 8.5% of the invoices companies receive are duplicates. The study analyzed billing accuracy over 12 months across a sample of $500M in customer invoices.
The OpenEnvoy system identified $42,124,360 in duplicate billings, with the worst offenders being contract manufacturers and logistics providers, specifically shipping lines.
The preventative nature of OpenEnvoy's automation technology empowers its customers to uncover and eliminate wasted spend by auditing invoices at the line item level with speed and accuracy. With the capability to flag duplicates in real-time, OpenEnvoy customers can share a detailed view of discrepancies with their vendors to avoid costly disputes.
"We were shocked by the substantial amount of duplicate invoices but unsurprisingly found that logistics providers were the worst offenders due to the number of subcontractors involved. Ultimately, the responsibility for preventing overpayment lies with customers as service providers lack an incentive to change. Most companies are incapable of reconciling invoices at scale and lack the right technology to prevent wasted spend.", says Matthew Tillman, CEO and Co-founder of OpenEnvoy.
The study emphasizes the importance of investing in preventative finance solutions, finance teams must be able to verify invoices in real-time so they can work collaboratively with vendors to address billing issues. OpenEnvoy eliminates the financial risk of overpayment and allows for more efficient payments, creating a win-win environment for customers and their vendors to create a strong global supply chain.
"At OpenEnvoy, we ensure that finance teams are never overcharged. By doing so, we provide customers with real-time visibility into their vendor network, which allows them to make strategic business decisions about the vendors they choose to work with."
Learn how OpenEnvoy can transform your AP team from reactive to proactive by scheduling a demo with an OpenEnvoy expert today.
OpenEnvoy enables finance teams of all sizes with visibility, automation, and cash flow solutions. To learn more about how OpenEnvoy can help you prevent wasted spend, visit https://www.openenvoy.com. Read more at Future FinOps or follow @OpenEnvoy on Twitter and LinkedIn.
For Press inquiries, please contact Courtney James at [email protected].
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