According to CFO.com the cost range to process and approve an invoice is between $1.42 to $6.00 per invoice. The CFO.com estimates include companies that process invoices manually to fully automated with software technologies and everything thing in between. Docuclipper.com have posted blogs where they say the average cost to manually process an invoice for approval is $13.00. Adobe has a blog post where they state the cost to process a manual invoice could fall anywhere within the range of $15-$40. According to Skynova.com it takes an average of 12 minutes for an AP clerk to manually process a single invoice.

In our calculator we will assume that the average time will be 8 minutes to give a more conservative savings estimate. The other fields are 100% controlled by you! To get the potential savings you can get with MaxxLogix we are going to estimate that the subscription cost at 50% of your potential savings estimate. The exact ROI and savings could be higher once the team at MaxxLogix provides you a formal quote based on your requirements.

Calculate your potential savings by entering your AP department information into the form below. Your MaxxLogix savings will be calculated and updated as you manipulate the quantity input fields.

The labor cost to manually index a document depends on a number of factors like the number of fields you need to capture for indexing – primarily used for easy document retrieval or workflow processing. The more fields manually entered the higher the processing cost for each document. Based on our industry experience we find most businesses apply 4-7 index fields per document. Indexing time will vary greatly depending on how the document was scanned in or uploaded. It might take more time to index at a multi-function device compared to just uploading a file and adding index data with your laptop. For this savings calculator we will use 5 fields per document and say the process takes no more than 2 minutes to complete.

More importantly than the field extraction is the fact that AI-Driven Document Classification will help drive more efficient compliance and security in your company. AI ensures sensitive documents are classified correctly but it's not 100 percent and that's why having human oversight for expectations is needed. Online you can find companies that state a lost or misclassified document can cost a company anywhere from $120-$220 to replace. That does not even take into account if there are any sort of compliance or regulatory fines. For our saving calculator we are going to be more conservative and say $50 cost per misclassified document where the rate of manual error for classifying is 5% and AI error of classifying is 0.5%.

AI-Driven Document Classification is also storing the files in their correct secure locations and applying the correct retention policies as required so we are estimating the manual time to complete these tasks would be 30 seconds. We are not taking into account the auto document splitting or sending files directly to a workflow automation process as part of the savings calculator below.

The higher the volume of documents classified the higher the potential percentage savings. A lower volume company might see cost savings of 60% whereas a high volume company could have cost savings of greater that 85%-90%.

Calculate your potential savings by entering your AP department information into the form below. Your MaxxLogix savings will be calculated and updated as you manipulate the quantity input fields.