Looking for an effective cost reduction strategy? Invoice analysis is one of the easiest ways to save money.
And with CoreIntegrator, our team can perform invoice analysis for cost reduction at NO UPFRONT COST TO YOU.
And with ZERO EFFORT ON YOUR PART!
Seem too good to be true? It’s not!
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What is Invoice Analysis
But an innovative and more aggressive form of cost reduction is a new service called invoice analysis.
Invoice analysis is all about examining your invoices and comparing the price you actually pay for goods and services to industry benchmarks.
This invoice cost reduction analysis identifies areas where you are probably paying too much for goods, products, or services.
A simple example is waste services. Invoice analysis looks at the details of your waste management invoices over the past few months. Then compares that cost to industry benchmarks for the cost of waste services in your geographic area for similar sized organizations with similar waste management needs. It tells you that you are paying over the market rate, under the market rate, or around the market rate.
How Does it Work?
Typical invoice analysis cost savings services come to your site and make copies of invoices from vendors they believe may be overcharging your company. Or you can email them copies of your invoices.
They review your old invoices and determine potential areas of savings, redundancy and overpayment. Nothing else is needed from you.
Invoice analysts compare your current pricing to the market rates for those services.
Then they tell you when over market rate charges are identified and by which vendors.
Here are some of the common vendor invoices reviewed:
- Cleaning Services and Supplies
- Employment Services
- Energy and Utilities
- Equipment Maintenance and Leasing
- Factory Consumables
- Fleet Managements
- Food Services
- Information Technology
- Insurance (P/C, Worker’s Comp)
- Merchant Card Fees
- Office Supplies
- Payroll Processing
- Records Management
- Small Package Freight
- Telecommunications (Data, Voice, and Mobile)
- Temporary Labor
- Travel and Accommodations
- Uniforms and Linens
- Waste & Recycling
- And Many More
How Does Invoice Analysis Lead to Cost Reduction?
No one wants to pay too much for goods or services.
When invoice analysis tells you that you are over market rate on a good or service, you have the opportunity and the leverage to re-negotiate contracts and prices with those vendors. Or, if they won’t lower your price, find vendors who can deliver the same goods or services at or under the industry benchmark.
Of course, sometimes you choose to pay a premium for a selected vendor. And that’s great. As long as you realize that you are consciously over-paying for products or services because you find them worth the additional price.
But negotiating lower prices with vendors can be intimidating and sometimes awkward.
No worries! The top invoice analysis services like OutGo360 will do it for you!
Once they analyze your expenses you can approve which of your vendors they call. They only contact your vendors when you give them the green light!
Once they find areas for savings, they work with your vendors to get the lower rates locked in. If needed, they will also help find alternative providers at a fair price. Again, no changes occur without your approval.
Invoice analysis is a powerful cost reduction tool that creates an average savings of 22% to 25% – with virtually no effort on your part!
How Much Does This Cost Reduction Service Cost?
Here’s the best part about invoice analysis for cost reduction from OutGo360: it costs you nothing to conduct the analysis.
No upfront costs whatsoever.
Instead, you simply pay a percentage of the savings you actually realize. So if your waste management bill goes down by $1000 per year, you would pay a percentage of that savings to the service.
A commission off the savings for them. Huge permanent cost savings for you year after year even after paying the commission!
And if they don’t find any savings, there is no charge!
How to Simplify and Automate Invoice Analysis
Saving money using invoice analysis is a risk-free no-brainer.
In fact, the only hurdle to effective invoice analysis is finding and copying all of the paper invoices. Depending on how organized your AP department is, this can be easy or it can be impossible. And the invoice data analyzed is often months old.
But forward-thinking companies that have automated their invoice processing don’t have that problem!
CoreIntegrator customers already have their invoice data captured, digitized, and organized.
This allows us to work with invoice analysis services to automatically analyze your invoices for potential cost savings in real time, not six months in arrears!
Whether you are a brand new CoreIntegrator customer or one that has been with us for decades, we can provide you with a free invoice cost reduction analysis with absolutely zero effort on your part.
Of course, CoreIntegrator’s top priority is your data privacy and integrity. That’s why we are a SOC 2 audited company.
So the first thing we’ll do is execute strong privacy and NDA documents between you, us, and Outgo360.
Then we’ll allow Outgo360 to review your invoice data and identify all of the cost reductions you could achieve.
From there, all you have to do is decide which of the vendors you’d like Outgo360 to negotiate with on your behalf.
When Outgo360 is successful your new lower payments are locked in. At that point you simply pay a small percentage of your annual cost savings to Outgo360. And you keep the rest.
That’s easy, free money!
Bottom Line – Why Invoice Analysis is an Effective Cost Reduction Strategy
At CoreIntegrator we are always trying to find new and innovative ways to make our customers more productive while saving them time and money.
Innovative services like our Verified Data Capture Service that provides near-100% data capture accuracy.
Now we’ve added the option of having your invoices analyzed for potential cost reduction – with no effort or expense on your part!
So why not give it a try today!?