The Perils of Paper Invoice Processing – ActiveWorx Financial Transformation Platform

The Perils of Paper Invoice Processing

Marty Michael Blog October 7, 2019 | 0

Paper can be messy. When your desk or office start to look like a recycle bin full of paper, you know you have an issue. Relying upon paper and manual-based processes can be overwhelming even for those who are well-organized.

A recent AP Association survey of over 500 finance professionals revealed that 57% of their invoices were paper-based. That’s over HALF of the amount of invoices received, piling up on desks until they are processed (and hopefully not lost). To make matters worse, 54% of those surveyed said invoices were being sent to the wrong place! So in addition to the stacks of papers that need to be processed and organized, sensitive information being distributed to the wrong people!

How can your organization avoid the pitfalls and inefficiencies of paper-based, manual invoice processing?

The answer is simple: Automate.

Many organizations are hesitant to automate for fear of losing control and oversight of their processes. The fact is, an automation solution will do just the opposite! By implementing an AP Automation Solution, your paper invoices are now captured into digital invoices. Invoice data is automatically extracted and secured into an AP application, which means less manual input and errors. Invoices can be automatically approved or routed for approval, with visibility regarding the status of each invoice at your fingertips on any device (e.g. desktop, mobile).

AP automation generates a proven return on investment, particularly when moving from a paper-based, manual process.The only obstacle toward implementing AP automation is created by the organization themselves if they aren’t willing to make the advancement. Once you can get your team on-board with implementing a solution, it will likely be a success.

If you’re still manually processing invoices, speak with your team about implementing an AP automation solution. Point out the main benefits of AP and how it can eliminate paper and the mess it can cause within your organization.

Want to learn more about what an “automated process” really is/means? Read our blog!