Ready for a scary statistic about invoice processing times?
The average invoice processing cycle for organizations that use a paper-based system instead of AP automation is 29.8 days.
29.8 days is almost a full month, and when your invoices need to be paid in 30 days, one snafu could turn your last-minute payment into a late payment. And this has cost repercussions in the form of additional fees and fines for your organization to pay.
Late payments can be eradicated from your company with an AP automation/document management solution. In fact, research by the Aberdeen Group found that the average invoice processing cycle for organizations with full AP automation is only 4.8 days.
29.8 days, or 4.8 days? The choice is yours!
Faster payment times means fewer late payments, increased vendor satisfaction and improved efficiency. You may even be able to capture more early payment discounts. If you can approve invoices as quickly (and accurately as possible), you can get them back out the door to your vendors and suppliers. An AP automation/document management solution automates the approval process, getting invoices to the proper people without you having to print, scan, hand-deliver and manually enter documents and information. In fact, research firms like the Aberdeen Group, IOMA and PayStream Advisors have found productivity gains of as much as 82 percent in companies that automate with document management and workflow.
Are you finding that your company is losing money by paying invoices late, or missing out on early payment discounts? An AP automation/document management solution may be exactly what your company needs to get those invoices moving faster and more efficiently!