One LodgeLink customer recently shared some figures that shed light on the sheer number of invoices that can arrive in the inbox of a busy travel manager.
With a roster of 500+ employees and an extensive list of projects, the company stated their annual accumulation reached staggering heights – in excess of 11,000 individual invoices.
As a result, the time spent processing, reviewing, sorting, consolidating, submitting, and auditing can be gargantuan. Spending even just five minutes reconciling each of the 11,000 invoices would require a time investment of 917 hours.
With the average salary for a Finance and Procurement professional in the neighbourhood of $30/hour, that means a company could be spending upwards of $27,000 a year just to manage the collection of invoices that come across their desk.
That’s truly a mountain of paperwork.