KwikTag ROI Calculator
Learn how automation of AP invoice document management and approval processes can save you time and money! Please fill in the boxes on the left side below and click CALCULATE to see annual savings results on the right. Hover your mouse over the “i” icon for more information. Then, contact us to start saving time and money with KwikTag!
Annual Filing Cost Reduction
Numerous citations list the cost to file a document at $20/document. If we cut this figure to a conservative $5/document, and assume a 30% time improvement, your annual savings is stated here.
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Searching For Misfiled Documents
Numerous citations list the cost to find a lost document at $120/document. Numerous sources cite an average of 3 - 7.5% of documents are lost. This calculation assumes a very conservative 0.5% of documents lost to calculate your annual savings in finding lost documents.
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Annual Cost to Maintain Files
Low cost of maintaining a paper file each year = $0.69. This calculation uses the 69 cents figure as the savings per file.
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Annual Paper, Toner/Ink Cost Savings
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Total Annual Savings for Document Management
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Business Process Management (KwikPayables)
Annual Savings from Inquiry Time
Time savings in dollars from salary above
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Invoice Processing Cost
Aberdeen estimates a cost reduction of $8.33 per invoice. We used $2/invoice to be conservative.
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Approver Time Savings (5 min)
Saving just 5 minutes per invoice for approvers saves this amount per year at the modest salary of $36,000 (given that many approvers are executives)
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Late Fee Avoidance (12% avoidance at 2.5%)
Avoid 2.5% late fees on 12% of average AP
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Early-Pay Discounts Captured (2% of 10% Avg AP)
Capture 2% early pay discount on 10% of average AP
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Shipping of Documents
$20 per overnight package from remote locations
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Total Annual Savings For Business Processes
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Total Annual Savings With Kwiktag $0
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