What is Accounts Payable Automation
That's why companies should automate their accounts payable
The manual processing of invoices takes time and is prone to errors. Still, many companies shy away from automating their accounts payable department. This is mainly due to the numerous challenges that make automation difficult: According to Kofax, the average company still receives 80 percent of its invoices in paper form. The remaining 20 percent would be delivered electronically - and are therefore easier to automate. However, they arrive in all possible formats and via a wide variety of channels: faxes, e-mail attachments, XML, EDI - anything is possible.
This colorful bouquet of formats also makes it difficult for those responsible to extract the important data and feed it into the ERP system. In addition, various departments are involved in accounts payable management: In addition to accounting, IT, treasury and sometimes even purchasing play a role.
Revising the processes in accounts payable is therefore complex. However, this white paper states that the investment will pay off after six to 18 months. This is not only due to savings in personnel costs, but also to other, less obvious reasons: Automation speeds up the process, invoices can be paid earlier. This allows companies to take advantage of discounts or other rebates, which also leads to savings. This white paper provides further advantages of automation.
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