Accounts Payable Processing: Room for Improvement

During yesterday's webinar, "Global Trends in Automated Data Capture in Accounts Payable," we asked a series of questions to gain insight into our audience of AP and other finance professionals. We learned:

• 47% of respondents required more than 10 FTEs to key and correct invoice information.



• 48% of respondents represented an organization that processed, on average, more than 10,000 invoices per month.



• 54% replied that it took an average of 12 or more days ro pay an invoice.



• 52% reported an average cost of more than $5 to process each invoice.



• 61% reported that their organization did not use automated data capture for accounts payable.



• Lower costs were perceived to be the biggest benefit to using automated data capture (34%), followed by faster turnaround (24%), better reporting/visibility (17%), better capture of early payment discounts (14%) and fewer errors (11%).



• 32% cited lack of budget as being the biggest barrier to deploying automated data capture, followed by lack of resources to support such a project (28%), lack of suitable solutions (15%), lack of business case (15%) and lack of executive sponsorship (10%).

For more insight into the state of automated data capture in accounts payable, including feedback from hundreds of financial professionals globally, click here to read the full report or click here to view the complete webinar on-demand.