All the recent economic troubles have businesses pressed to find ways to maximize efficiency while minimizing costs. In short, do more with less. But for those companies who have yet to automate business processes like expense management and invoice management, they’re caught in a cycle of doing less for more. In our newest white paper, we discuss some of the pitfalls of outsourcing, but manual AP is just as potentially damaging and frustrating. Why?
- AP is expensive – Lack of automation creates the need for more hands to perform tasks, increasing the number of employees required for the department to run at even a basic level of efficiency.
- Limited visibility – Manual processing lends to errors and opaque financial data, with some companies unable to see even so much as which invoices are pending.
- Errors – Human error can create auditing nightmares that are easily avoidable with the implementation of an automated system.
- Lengthy processing – Manual processing slows the flow of invoices through the AP department, causing late payments, missed discounts and increased disputes with suppliers.
- Risk – Manual processing increases the odds of duplicate invoices passing into the payment system and, perhaps worse, makes it more likely that invoices will be lost, disrupting operations.
To read more about how businesses are responding to issues with their AP processing, register to download our new white paper, Why You Should Care Who Processes Your Invoices: Trends in eInvoicing and Sourcing.