Did you know that it takes approximately one hour to process five invoices per hour manually? And the cost can be anywhere from $14 to $20. How many invoices does your organization process in a day? If yours is a small business, maybe less than 100. For bigger companies, the chances are hundreds or even thousands. How are your Accounts Payable (AP) teams keeping up the pace? Forget about the delivery timelines. Are these invoices accurate enough so that you don’t have to repeat another whole new cycle of invoice processing?
For businesses that aspire to automate the end to end Invoice Processing, how automated invoice processing software helps? Typically, Accounts Payable departments who have decided to digitize their operations are quite content with moving from paper to electronic invoices alone as a means to increase quality and speed. Creating a repeatable template, defining the approval matrix, and loading entries are not sufficient to move to digital transformation.