Last Updated on: 22nd November 2023, 03:47 am
UK businesses are facing a major financial strain due to the costly and intricate process of processing purchase invoices, as revealed by a recent survey. The survey found that costs associated with the process range from £4 to a staggering £25 per invoice, and 92% of local authorities have exceeded the established £1 target for invoice processing costs.
To address this financial challenge, IBN Technologies has announced a solution that offers streamlined and cost-effective accounts payable services. CEO Ajay Mehta of IBN Technologies commented: “Businesses often underestimate the hidden costs of invoice processing. Even the seemingly small expenses can quickly add up, significantly impacting the overall bottom line.”
One of the factors contributing to the high cost of invoice processing is the complex landscape of Value Added Tax (VAT) regulations. The multifaceted nature of VAT requirements can lead to errors, resulting in delayed processing and an overall increase in expenses. To comply with the regulations set by HMRC, businesses must ensure accurate and prompt reporting. Breaches of these regulations can result in penalties that add to the financial strain.
IBN Technologies offers a solution that optimises accounts payable processes, reduces costs, and enhances operational efficiency. With an extensive track record of 24+ years, and expertise in advanced AP automation solutions, the company is well-equipped to help UK businesses manage their accounts payable expenses.
CEO Ajay Mehta stated: “With our solution, we aim to empower businesses with the services they need to navigate complex financial processes with ease. Our focus remains centered on reducing operational costs, solidifying our commitment to delivering lasting value to UK businesses.”
IBN Technologies is an outsourcing specialist company with clients in the United States, the United Kingdom, the Middle East, and India. The company is ISO 9001:2015, 27001:2022 certified, and holds a CMMI-5 certification.
UK businesses are facing an unprecedented financial strain due to the high costs associated with processing purchase invoices. A recent survey revealed costs ranging from £4 to £25 per invoice, and 92% of local authorities have exceeded the established £1 target for invoice processing costs. To counter this challenge, IBN Technologies has announced a solution that offers streamlined and cost-effective accounts payable services.
CEO Ajay Mehta of IBN Technologies commented: “Businesses often underestimate the hidden costs of invoice processing. Even the seemingly small expenses can quickly add up, significantly impacting the overall bottom line.” One of the primary factors contributing to the high cost of invoice processing is the complex landscape of Value Added Tax (VAT) regulations. To ensure compliance with the regulations set by HMRC, businesses must ensure accurate and prompt reporting, or face penalties that add to the financial strain.
IBN Technologies provides a comprehensive solution that optimises accounts payable processes, reduces costs, and enhances operational efficiency. With an extensive track record of 24+ years and expertise in advanced AP automation solutions, the company is well-equipped to help UK businesses manage their accounts payable expenses.
Commenting on the company’s objectives, CEO Ajay Mehta stated: “With our solution, we aim to empower businesses with the services they need to navigate complex financial processes with ease. Our focus remains centered on reducing operational costs, solidifying our commitment to delivering lasting value to UK businesses.”
IBN Technologies is an outsourcing specialist company with clients in the United States, the United Kingdom, the Middle East, and India. The company is ISO 9001:2015, 27001:2022 certified, and holds a CMMI-5 certification.
UK businesses are facing an increasingly difficult financial burden due to the costly and intricate process of processing purchase invoices. A recent survey revealed that costs associated with the process range from £4 to a staggering £25 per invoice, with 92% of local authorities exceeding the established £1 target for invoice processing costs. In response to this challenge, IBN Technologies has announced a solution that offers streamlined and cost-effective accounts payable services.
CEO Ajay Mehta of IBN Technologies commented: “Businesses often underestimate the hidden costs of invoice processing. Even the seemingly small expenses can quickly add up, significantly impacting the overall bottom line.” The complexity of Value Added Tax (VAT) regulations is one of the primary factors contributing to the high cost of invoice processing. To comply with the regulations set by HMRC, businesses must ensure accurate and prompt reporting, or face penalties that add to the financial strain.
IBN Technologies provides a comprehensive solution that optimizes accounts payable processes, reduces costs, and enhances operational efficiency. With a proven track record spanning 24+ years and expertise in advanced AP automation solutions, the company is well-equipped to help UK businesses manage their accounts payable
