Friction in the accounts payable (AP) function is widespread and the cause of many a headache.
Manual processes coupled with legacy paper-based systems create bumps in the road that are costing businesses thousands of pounds every year.
According to research from technology firm Tungsten, the top three roadblocks are:
- The high number of supplier enquiries about invoices or payments
- Too many non-PO-based invoices
- A lack of automated approval workflows
Financial executives in large, small and medium-sized businesses spend on average 6000+ man-hours a year chasing purchase order numbers, processing paper invoices and responding to supplier enquiries, Tungsten estimates.
Broken down, this means employees use 55 hours per week doing manual tasks and checks, 39 hours chasing errors and 23 hours answering questions from suppliers.
Needless to say, these clunky payment practices are far from ideal, and they affect the company bottom line, too.
So what can be done to fix the problem with AP processes? Download the Accounts Payable Issues are on the Rise report to find out more about the causes, and the steps to a frictionless future.
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