Even before the pandemic, finance and accounting teams were moving away from manual processes towards new, efficient automated systems. According to a survey with 1100 C-Suite Executives, 41% of them claim they have implemented new technologies to access real-time data, improve productivity and increase data reliability and security.
AP is one accounting process that has been slow to evolve out of the dark ages. AP teams still rely heavily on error-prone and time-intensive tasks such as data entry, check printing, and approval follow-up.
This leads to an average cost of $15 to process an invoice manually, and 20+ days to close it off. AP automation tools help bring this cost down to $2.36 and 5 days to process an invoice.
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