7 obstacles to efficient accounts payable processing – and how to overcome them

It's astonishing how much money wasted by inefficient payment processing. 

Research indicates it costs up to $15 to manually process an invoice – and it can be as high as $40. Multiply that by 100, 500, or even 2,000 invoices per month and that becomes a very expensive problem. Organizations that automate accounts payable, on the other hand, can get that number down to $5 per invoice or less. 

But how can you tell if invoice processing is an obstacle in your company? Some of the signs include: 

• Suppliers complain about late or incorrect payments  
• Manually inputting invoices soaks up too much time and creates errors 
• Overdue payments incur late penalties  
• Lack of internal control opens the door to invoice fraud 
• No visibility into spending is depriving teams of critical insight 
• Projects or production gets delayed because key suppliers aren’t onboard 
• The finance team is frustrated dealing with invoice issues

Watch our on-demand webinar to learn how an accounts payable solution can help your business overcome these obstacles.