Accounts Payable Invoice Automation
Levvel Research research reveals the average cost of manually processing an invoice can be as high as $20, versus $3 for automated Accounts Payable (AP) invoice processing. The payback period for investment in an AP Automation Solution is short, ranging from 6 to 18 months on average. A proven problem with proven solutions, AP process automation software is a low-risk investment.
The vast majority of Accounts Payable invoices are still processed by routing paper invoices throughout the organization or scanning and attaching the electronic invoice to an email which is then routed around the organization. Once complete, users in AP then manually key information from the approved paper or email routed invoice into the Corporate ERP/Finance system to then process and pay. Time wasted on paper-driven and manual tasks such as data entry, manual routing, manual follow up, Excel spreadsheet tracking, filing, retrieving, faxing, copying, mailing, and looking for invoices that have been misfiled or lost typically represents more than half of the cost of invoice processing, significantly decreasing productivity levels and increasing the cost per invoice. Investing in AP invoice automation software can result in eliminating some of these processes that slow down productivity.