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A series of requests exploring data from 1st August 2022 until 31st July 2023 , found that despite 100 % of universities digitising their Accounts Payable ( AP ) processes , for example via email or online portals , many still cannot overcome invoicing challenges . With each university receiving on average nearly 50,000 invoices a year , ongoing processing issues not only impact the productivity of finance teams but the financial health of the university .

The FOI laid bare the challenges universities face in the invoicing process , including :

• 69 % of universities have paid an invoice late , worth on average £ 37 million a year ;

• 33 % have had a supplier or customer dispute an invoice , potentially leading to lost revenues , damaged relations , or worse payment terms

“ It is encouraging to see that universities have digitised invoice processing , but there is clearly still a lot of work needed to help finance teams work effectively ,” said Karim Ben-Jaafar , Senior Vice President of Quadient AP . “ The problem with just digitising the process is that things can still fall into the cracks . Given the huge number of invoices and large sums that universities process each year , these findings are likely to be just the tip of the iceberg . At a time of economic uncertainty and when many institutions are under pressure , these inefficient processes increase the risk mistakes that could cripple the university ’ s finances .”

“ Universities need a more intelligent way of dealing with invoices because the current process is inefficient ,” continued Ben-Jaafar . “ When so many people are responsible for approvals and there is no clear audit trail , it ’ s easy to lose sight of who has ultimate responsibility . But that creates a messy web of invoices that can easily end up with invoices not getting paid or even worse , being paid twice . Digitising Account Payable processes is a great first step but isn ’ t enough on its own . Universities need a smarter way to streamline the finance function , and to gain the visibility to understand when something has gone wrong , and quickly fix it . This ability will give staff the time and resources to focus on the important work that universities do .”

Quadient is the driving force behind the world ’ s most meaningful customer experiences . By focusing on three key solution areas , Intelligent Communication Automation , Parcel Locker Solutions and Mail-Related Solutions , Quadient helps simplify the connection between people and what matters .

Quadient supports hundreds of thousands of customers worldwide in their quest to create relevant , personalised connections and achieve customer experience excellence . �

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