By automating the process of depot and vendor cost management, leasing companies can considerably reduce administration time and remove the need to manually verify invoices. Users can also produce data to manage cost accruals, report on exact operating costs and quickly assess the profitability of all units or contracts.
Reducing administration costs
Without effective Depot & Vendor cost management, admin staff are required to manually verify invoices against other data.
- The workload of administration staff associated with depot invoices can be reduced by up to 75%.
- Time spent on each depot invoice can vary from anything between 15 to 30 minutes during the cycle of checking and resolving issues (even with the aid of reconciliation reports) and this can be reduced dramatically to an average of 5 minutes per invoice or even less.
- Daily operations are more efficient and administration staff can concentrate on tasks that improve profitability rather than manually checking for errors and outstanding issues.
Managing operational costs and cost accruals
Leasing companies no longer have to estimate accruals and wait up to 2-3 months for depots and vendors to send final invoices for verification. An accurate calculation of costs per unit is always obtainable and information is ready to be exported to the accounts system.
- By self-billing and producing pro-forma invoicing, companies can anticipate costs more accurately and calculate precise accruals with ease.
- Over time, users can build up operational data to be analysed such as cost per location, cost per customer, etc.
- Lessors have peace of mind that investor pay-out calculations are accurate.