Simplifying:
Through a standardized electronic invoicing and payment process, the risk associated with billing errors is eliminated and vendors can receive payment in a much more efficient fashion, with reduced cycle time.
WorkOasis provides a clear audit trail and process map for Sarbanes Oxley compliance, better financial information of incurred expenses, and detailed information on every transaction.
Cost Reduction:
The ability to electronically receive, route, and approve invoices from hundreds of suppliers, who previously transmitted paper bills via the mail, represents a step change improvement in invoice processing speed, cost, and accuracy.
WorkOasis has documented a 74% reduction in total transaction cost using its web-based workflow process; assuming a fully burdened cost of $30 per invoice, this could represent up to $22 per invoice, or a 7% overall reduction in total transaction cost, assuming a $300 average invoice.