AP Professionals Still Holding Back on Automation
08/06/2011
A recent survey by the Institute of Financial Operations has discovered that despite the proven benefits many companies have still not made the move to automated data capture for their accounts payables including purchase to pay and invoice processing.
The survey in May of this year polled international AP professionals attending Fusion 2011 in Florida found that may were looking for greater visibility and reporting of the invoice processing yet surprisingly more than half indicated that they did not use automated data capture technology which would so easily provide the visibility and reporting they require.
So why are so few AP departments using automating data capture?
The current budget squeezes are certainly a factor, however, the survey also discovered that many AP professional felt that they were already successfully keeping down their invoice processing costs. Over 41% reported no increase in their average invoice processing cost, while over 38% reported a decrease in processing costs.
Despite this the survey found that at least a quarter of the AP professionals polled could still make further invoice processing savings by move to automated data capture. While more than a third could benefit from actively reduce the time taken to process invoices allowing them to take advantage of early payment discounts.
Benefits of automated invoice processing
- Better visibility and reporting
- Fast turnaround
- Lower costs
- Better working capital management
- Fewer errors
For more information on automating your invoice processing and accounts payables visit www.dcs.co.uk
