‘Our vision is to have a digital workforce in a box,’ Pierre Mallia's Interview for WhosWho.mt

by WhosWho.mt

"“Most firms no longer send their invoices by post, but prefer to use email. Consider what happens at this point, at the other end. Someone opens that email, figures out who to send the invoice to for approval and then finally, someone must read that invoice and type the data into their creditor’s ledger.”?

If you’re a medium sized company with a range of suppliers, the above gets multiplied by a few times for each invoice which comes in. The total time eaten up by this process, which brings no added value to the business, is substantial. We’ve heard cases of accounts departments with 2 of their people spending up to 70% of their time processing incoming invoices. Imagine if you could free up 70% of that.

“With BizBox, the emails come in, the tool picks them up, reads the invoice and extracts the data – all in the background. At the end of day, you can open up BizBox, assign each invoice to whoever needs to approve them and go home. The recipient approves (or doesn’t), you press a button and export all approved invoices to a file or directly to your accounting system. The time saved is tremendous, and that’s why we estimate it can reduce cost by 80 per cent,” Pierre explains.?

The tool works just as efficiently on the employee expenses side of things. It’s a reality that expense submission, approval and settling all remain a substantial nuisance for accounts teams and managers to this very day. Companies that offer employee perks like entertainment, fuel and mobile expenses or travel allowances will find that the expenses process will chew up a few working days every month.

“BizBox Employee Expense is designed to make this a paperless process from the get-go and to make the approval process easy, because claims pop up in email and can be approved directly from within the email. For employees, gone are the days of photocopying receipts and so forth, stapling them to a claim form. They can simply submit claims from wherever they are through the companion mobile app,” Pierre tells me.

Beyond cost reduction, BizBox also provides added value to supplier relationships through more expeditious payment processes, ?efficiency, and overall growth, with iMovo’s vision being to offer a virtual digital workforce in a box."

Read the full interview -> https://bit.ly/3R8taxO

BIZBOX: Automating Your Accounts Payable Invoice Processing

by Pierre Mallia

While paper-based business processes have been around for decades, many companies have begun to explore and slowly make the transition to an automated,?paperless accounts payable system.

In an interview-driven survey of CEOs and CFOs, we found that about 87% of companies have at least one or two employees who spend 40% to 67% of their time manually routing invoices for approval and then processing them. In some companies, even more valuable resources are consumed due to the volume and complexity of accounts payable (AP).

To make matters worse, our survey found that the manual AP process typically involves at least eleven steps, with some companies finding even more steps necessary.

The good news is that these eleven steps can be reduced to less than half by using an automated invoicing process that speeds up the workflow by up to 81%. This is what we know from a period of research and development that led to the release of BizBox Accounts Payable.

Learn more about BIZBOX -> https://bit.ly/47JBNnP