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A completely integrated, cloud-based business management system gives you all the information you need in one spot so you can streamline your processes, reduce your operating costs, and focus on growing your business. For most businesses in the verticals that we serve, the monthly savings are considerable, and come about in direct and indirect ways.
Consider your potential savings from new cloud technology:
Based on the average minimum wage, for a 40-hour workweek, the typical business pays an average base of $1,424.00 per employee, per month. Based on how much time and effort technology can save businesses in invoicing, server maintenance, backup and security, and inventory processes, the total savings in personnel, factoring in benefits and insurance, is conservatively estimated at $2,848 per month.
The typical expense associated with processing a single invoice can reach up to $15. However, businesses that have adopted accounts payable process enhancements, such as an AP automation system, have experienced substantial savings of 60-80% compared to manual processing, resulting in an average cost per invoice of $5 or less. By leveraging AP automation, teams can save an average of $13 for every invoice they process.
For companies processing 32 invoices per month, that is a monthly savings of $417, based on an $18 average wage for an invoicing specialist and a reduction of the month-end processing time. For companies processing 500 invoices per month, that is a monthly savings of $6,500 and an annual savings of $78,000.
The average cost to rent a small business server is $100 - $200 per month, depending on the needs of a business. These savings are a conservative estimate that can easily escalate when factoring in the costs of server maintenance, which range from $150 - $1,500 per month. Overall savings resulting from eliminating on-premise servers come about in several ways:
Cloud-based software reduces costs for businesses with vendor EDI (electronic data interchange) and automatic ordering in several ways:
Cloud-based computing technologies have proven to be a game-changer for businesses, resulting in significant cost savings per month. By streamlining business processes, eliminating the need for expensive on-premise servers, automating invoicing and inventory processes, and improving internal and external communication, cloud-based software has enabled businesses to operate more cost-effectively, which especially makes a big difference for SMBs. With the ever-increasing benefits of scalability and flexibility, cloud-based software continues to be a cost-saving solution for businesses looking to optimize their operations and boost their bottom line.
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