The #1 Strategy to Overcome Invoice Processing Challenges

Apr 17, 2017 by Brandon Snyder

Did you know the average cost to process an invoice is $6.29?  

By itself, that might not seem like much, but for organizations who process a ton of invoices…it adds up quick.  This high cost is occurring because accounts payable departments are experiencing some big challenges, like:

  • 70% of invoices still arrive in paper form
  • Excessive & costly manual paper handling
  • High cost & error rates in extraction of key invoice data
  • Many suppliers provide a variety of different, inconsistent invoice formats
  • Lost & duplicate invoice issues and week internal controls
  • Hazy visibility of AP status and workflows fail to manage exceptions

So, how can AP departments overcome these challenges and cut their cost to process an invoice in half? 

Invest in invoice and AP automation.   

invoice-and-ap-automation-is-our-number-one-strategy(Click here to access this full Accounts Payable Automation Guide)

What is invoice and AP automation you ask?  It’s a technology solution that empowers AP departments to:

  • Create digital images of invoices and halt the flow of paper 
  • Automatically extract data from the invoice for use in automated AP work flows 
  • Validate the invoice against ERP records before AP processing begins 
  • GL code entry that complies to your policies 
  • Faster PO and non-PO invoice approval & exception processing 
  • Business controls automatically enforced 

AP pros are turning to technology solutions like Kofax Totalagility to help them implement automation in their environment and to achieve best in class results.

What kind of results do best in class AP departments enjoy?  

here's-what-best-in-class-ap-automation-looks-like

 

These results speak for themselves.  In 2017, it’s time to get serious about invoice and AP automation.  Will you heed the call?  

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