Apr 21, 2016
No matter how many excuses organizations come up with to do things the way they’ve always been done, there are ALWAYS more compelling, cost-justifiable reasons to automate—particularly when it comes to accounts payable. In this two-part blog series, we’ll look at the eight most commonly cited reasons that companies of all sizes should seriously consider ditching manual, error-prone and inefficient AP processes.
Reason #1: Return on Investment
Processing payables invoices manually is a costly, labor-intensive process that involves error-prone and often redundant data entry, inefficient routing and tracking of invoice approvals, time-consuming matching processes and a massive effort to track down missing or misfiled documents or incorrect or possibly fraudulent payments. According to the Aberdeen Group, companies that automate AP save $40K per 10,000 documents on average. For most companies, this translates into an ROI of 12 months or less.