The Dirty Secret of the AP Industry; Most Solutions Are Not as Automated as You May Think
Written by: Bradley Bloch, CEO of factura.ai Any way you slice it, manual invoice processing is less efficient and effective than automation. It costs highly automated accounts payable departments less than one-quarter what their less-automated peers spend to process an invoice.
- Cycle time. It takes highly automated accounts payable departments less than one-third the time their less-automated peers take to process an invoice.
- Working capital. Highly automated accounts payable department capture more early payment discount opportunities than their less-automated peers.
- Exception rate. Highly automated accounts payable departments report 57 percent fewer invoice exceptions than their less-automated peers.
- Straight-through posting. Highly automated ccounts payable departments receive 2 ½ times as many purchase order (PO)-based invoices as their less-automated peers.
- Invoice data capture: accurately capture invoice line-item information
- Workflow approval: digitally route invoices based on your business rules
- Exceptions resolution: collaborate and communicate with team members on any device
- Accounting or ERP integration: upload information and digitally store the original document