A new 2017 report from Paystream Advisors explores the current state of accounts payable processes in North America, demonstrating how companies that have embraced automated achieve quick invoice approval cycle times and boost employee productivity to lower processing costs and achieve greater process visibility.
The report, sponsored by Artsyl Technologies, includes a set of questions companies can use to help map out their current invoice management processes and define goals and parameters for automation.
The State of AP in North America
The Paystream study examines the top pain points for North American organizations by size. Results show that a majority of companies (55%), regardless of size, expressed that manual data entry and inefficient processes were a common source of process pain. This was particularly true for large enterprises, 63% of which cited manual data entry as one of their top three pain points.
Small to medium-sized firms, in contrast, still struggle with paper invoices, compared to their larger counterparts. Sixty-two percent of small/medium enterprises indicated that a majority of invoices were received as paper, compared to an average of 40% for all firms.
Things to Consider When Automating AP
To help companies to identify the best solutions to overcome their AP process challenges, the PayStream report includes a detailed set of questions for AP teams to answer in order to help define KPIs for their current processes and establish measurable goals for process improvement.
Questions, along with detailed context, include:
Additional questions and considerations for identifying an automated workflow solution and establishing key performance indicators included in the report are designed for companies of all sizes and industries to better define a solution and select a technology partner.
For more information of the report click here