A recent Business Insider report showcased the paradox facing the payments market: Businesses struggle to deal with high volumes of invoices, but converting from an analog process to a digital one is extremely difficult, with “entrenched habits and limited resources” causing many companies to question how they can make the transition.
But there is an answer: Companies seeking to digitize their Accounts Payable process don’t have to make that transformation themselves. By relying on an experienced provider, they can take their AP process to the next level with a solution that combines invoice capture, management and integration in a complete, end-to-end payables solution.
With a truly automated AP workflow, organizations can expect:
- Costs reduced by as much as 60 percent
- Reduction of physical file storage space by as much as 35 percent
- Reduction of lost documents by an average of 65 percent
- Line-item detail without the need for internal manual data entry
- Significantly accelerated invoice processing that allows elimination of late fees and capture of more early payment discounts
- Enhanced information control and regulatory compliance
As the article stressed, organizations switching to electronic, automated platforms for AP activities can dramatically reduce their processing costs while improving their processing times. The world has become a digital marketplace. It’s time for your AP department to stop relying on paper-intensive invoice processing and find a reliable, experienced provider to automate your AP process.