Another aspect of its offering is that it securely stores the processed invoices in the cloud, providing a back-up and repository service as part of its b2b sell.
Washburn, the Bureau of Organized Crime sergeant who processed invoices and purchase orders between the Florida-based Harris Corporation and the Chicago Police Department, didn't respond to a request for comment.
For example, time sheets can be viewed in real time, reducing the amount of time taken to prepare and process invoices.
He created Bonsai to help guide freelancers through necessary business operations with two products: a plain-English contract template tool, and a simple invoicing system to process invoices that the freelancer can create and send themselves.
The initial play for its fleet management SaaS platform was also a supporting role (it launched as a dashboard in 2015, but was calling itself a platform by fall 2017), with the team building a system to ingest and process invoices and leasing documents for fleet managers, which Brenner says it has now almost entirely automated.
The finance manager at Hospital 1 indicated that 4 hours were spent per agency to process invoices, there were five agencies on contract, and these agencies sent invoices every 2 weeks.
How many different ways are there to process an invoice?
Fundbox is currently serving more than 20,000 small businesses and has processed 15 million invoices to date, Shinar says, which have a cumulative value of more than $30 billion.
Subscription billing startups such as ChargeBee, Recurly and Chargify, leverage SaaS model to help customers implement a billing system fast by automating most of the back-end processes of invoice generation and payments collection.
It found that the state authority requires three months to process an invoice — too long, the report suggests.
According to Ardent Partners, it costs the average AP department $13.04 and over 12 days to process an invoice where top-of-the-line automated AP departments' cost per invoice is $2.87 and on average takes 3.9 days to process.
