From extracting invoice information, to incorrect data entry and lengthy cross-departmental approvals, manual processes can cause significant delays in your AP process. This can result in incorrect payments to suppliers, overdue fees for your company when deadlines are missed and a costly $53.50 to rectify each paper invoice error.
On average, finance teams spend up to 20 hours per week managing AP processes which could be automated — from receiving an invoice electronically, through to payment and reconciliation.
With an automated AP solution, you can transform repetitive and time-consuming tasks to ensure prompt and accurate payment of invoices. You can establish controls to capture, extract and validate invoice data automatically and flag any inaccuracies with team members to notify them that human intervention is required.