Meet Sammy. Sammy is the head of Finance at a large size organization. His organization has many locations, meaning lots of invoices for utilities that need to be managed regularly. Increasing efficiency and cutting costs is important to Sammy, especially during the pandemic. He knows that, on average, his organization has to spend $9.60 to process each invoice. With over 10,000 invoices processed each month, that’s over $96,000!! Now, calculate that amount on an annual basis.
There are also 3 people that approve these invoices each month. Now, the company is not only paying for processing fees but employee fees too - this is time and money that could be allocated elsewhere.
Especially during the current pandemic, Sammy knows a solution to this challenge needs to be found.
Does this sound like you?
The Break Down
Working with a utility invoice management service immediately cuts your administrative cost by 30%. Valicom’s invoice services can help you manage and control virtually all your facility-related expenses. We receive, allocate, pay, and report on over 90 different service types including:
natural gas
water
electric
propane
waste
There are many utility bills that need to be paid when operating a business. It’s how you do it and who you do it with that will make all the difference - hundreds of thousands of dollars of difference! Valicom specializes in the following areas:
Invoice Loading
Receiving and loading invoices regularly and actively with 24-hour SLA’s to build a central repository for your invoices.
Cost Allocation
Dividing expenses among locations to allocate costs per facility for budgeting, usage, and reporting by expense type, facility, vendor, and customized data.
Threshold Alerts
This trend analysis alert occurs when invoices exceed X% (organized at setup) to draw attention to variants for invoice/service review.
Invoice Payment
Offload the time-consuming task of monthly utility payment and avoid late fees with Valicom managing this project.
The solution
Clearview’s invoice approval tool creates a streamlined and efficient way for your team to approve and pay invoices. Clearview's invoice engine offers:
Simplified invoice approval and bill pay
Multi-tiered approval at pre-defined spend thresholds
Automated email reminders sent monthly to approvers
Decentralized management hierarchy for vendor invoice approval
STEP 1: ASSIGN APPROVERS
Approvers can be assigned by spend thresholds, device or service type, general ledger or department codes, location/buildings.
STEP 2: RECEIVE EMAIL
After Valicom processes the invoice and email is dispatched to assigned approvers with a link to the Clearview Invoice Approval module prompting the user with a list of invoices pending their approval. The invoice can be sorted by charge amount, variance, or account info.
STEP3: CLICK APPROVE
Invoices can be approved individually or all at once. Following approval the invoice is added to the bill pay queue.
Fun Facts
The average business requires 14 days and approval from two to five people in order to process a single invoice. A multi tiered approval approach is needed to streamline the invoice processing and payment approach.
This is a great time to set up a discovery call with us as you are looking for ways to streamline processes to save time and money. A financial services client speaks to their experience with our invoices processing and approval tool.
“Invoice processing and approval are expensive paint points. Clearview invoice engine saves time, money and valuable staff resources.”
ABOUT THE AUTHOR: BRITTANY PECKHAM
Brittany grew up in Oregon, Wisconsin and graduated from the University of Wisconsin Business School with a Bachelor’s degree in Management and Human Resources with an emphasis in entrepreneurship. Brittany has been working with Valicom for many years creating content for the TEM industry to deliver the many benefits users and organizations can experience in utilizing TEM services. With a passion for social media marketing, Brittany enjoys applying creativity throughout various areas of her life while expressing creativity in everything she does and loves being consumed in projects, from start to finish.