Use this Data to Make Your Business Case for Invoice Automation
Accounts payable is more important to the business than ever before. Besides processing invoices and entering massive amounts of financial data, there is so much more value today’s finance teams can offer. From reporting and analysis to negotiating better deals, finance has access to data that can make a real difference. Does your business have the insights it needs?
The high cost of paper
Manual processes can keep AP teams from focusing on higher value tasks and can hide significant costs. Consider these facts:
- A typical small to midsize business (SMB) processes 450 invoices per month with a duplication rate of 1.29% — that’s six duplicate invoices every month.
- 62% of businesses report manually handling more than 75% of the paper invoices they receive.
- Labor costs typically make up 62% of total AP costs.
We’re only human
Whenever people are involved, mistakes can happen. Today 86% of business are moving away from manual AP tasks, and 82% have implemented largely automated AP processes. Being fully automated means all invoices, processing, approvals, and communications happen through invoice management software. When your invoices are accurately captured and your financial data is correct, you can easily pull reports and get the visibility you need to make smarter, more strategic business decisions.
Automation opens the door to mobile
Workforces are increasingly mobile. By 2020, the U.S. mobile worker population is expected to exceed 105 million — or 72% of the entire U.S. workforce. With mobile quickly becoming the new standard, your employees don’t want to wait until they get back to the office to sift through inboxes and mail trays to find invoices. Enabling them to review and approve invoices on the go from mobile devices not only expedites the payment cycle, but also creates a more user-friendly experience. You can even combine spending, like expenses and travel, so you can manage everything from one convenient app.
Initiate the change to better financial visibility
Fully automating your AP system can help you cut costs, gain insight and boost employee satisfaction. Learn how to gain better visibility into your current system and steps to take it to the next level with this eBook: A 10-Step Guide to an Efficient Vendor Invoice Process. Making this shift today takes you one step closer to better financial visibility and more control over your invoice processes.
