Have you realized the benefits of automated Invoice Processing?
Over 65% of AP departments cite paper as the number one business processing setback; manual data entry & inefficient approval processes come in at a close second.
Is paper and manual handling still keeping your working capital from realizing efficient Invoice Processing? With AP automation technology and best practices in place, you can:
- Obtain greater visibiity into spending
- Improve cash management
- Capitalize on early pay discounts
A few industry fast facts:
- Only 25% of companies in the US have implemented Invoice Automation
- 83% of all invoices are still on paper
- More than a third of companies are manually keying data from 75% of their invoices
- 68% of payments are still paper checks
- The average cost of processing a paper invoice is $13.58
- The cost of processing an electronic invoice is only 18% of a paper invoice
Invoice automation facts:
- Cost to process an invoice slashed by 40%
- Number of days to process vendor payment reduced from 8.6 days to 5.4 days
- Average number of payment per staff member; from 934 to 2263
AP automation solutions are one of the many business process automation solutions provided by our Financial Services group.
To learn more about automating AP and how you can move beyond paper-based invoices and enhance people-based processes, download more information.