Accounts Payable (AP) is growing in importance in the fast-paced business world. However, due to outdated technology and manual invoice processing, many AP departments are unable to evolve from cost center to value generator.
Aberdeen Group’s survey report, “Reap the Benefits of Invoice Excellence with AP Automation,” highlights the state of AP Automation today. Aberdeen reports that forty percent of respondents said that the need for real-time availability of data is a top challenge in AP, and twenty-nine stated difficulty locating and managing paper-based documents.
AP teams need to be able to jump into next-generation invoice automation keep up with tasks such as streamlining AP workflows and the procure-to-pay supply chain to achieve better and faster outcomes, and to empower both payers and suppliers.
Industry stats show that eight out of ten of all invoices will have at least one exception. Weak integration systems with ERP is one of the main reasons AP departments struggle with exception processing. Often times, exceptions are not detected and resolved, stalling the cycling time.
Designing and applying a complex workflow process must be implemented to get rid of exception causes that span a wide range of checks and balances, involving ERP and other systems which are not really integrated with invoice automation systems.
Recently, Tom Franceski, DocStar VP and GM discussed this topic in depth at Payments Journal. Read the entire article on the Payments Journal website to learn more about how AP departments are transforming their invoice processing and in return, their businesses with AP automation.