Many accounting departments feel pain as a result of their manual accounts payable (AP) process and there is never time to do anything about it. AP departments require an incredibly high level of information exchange and it must occur without error. There are just too many things that can and do go wrong. Automation removes the guesswork by giving your team the information they need at the exact time they need it.
The average cost to process an invoice can be $22.75 and take as long as 16.3 days. With automation, the average is closer to $3.34 with 6.1 days to process. Do the math. Don’t forget to consider the early payment discount that you will now be eligible for!
The beauty of streamlining accounts payable and using software to enforce your business process is seen in the efficiency gained. Duplicate payments, proper routing, and exceptions are all managed through the software. More good news. The entire process is recorded in a system log which is critical in an audit. You will have complete visibility and transparency into your entire process.
Many companies scramble to pay on time. Few companies (only about 16%) take advantage of early pay discounts. With AP automation, it is up to you. Once an invoice arrives, you have visibility into when payment is due and whether or not early payment discounts apply. How does that compare to what you can see today? Do your vendors understand when you can’t pay your bills on time? What would a bad vendor relationship cost you?
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