Every day we speak with finance professionals about the advantages of automating their accounts payable and payment processes. Many understand the benefits of automation: increased control, real-time visibility, increased security, e-payment incentives, and cost and time savings, but many are still hesitant to leave paper in the past.
Reports show that 70% of B2B volume is still paid by paper checks, and processing one paper check can cost between $3- $7. In addition, buyers clinging to paper checks are suffering from late payments and a lack of e-payment incentives.
You can track the status of any invoice at any time, providing you the ability to analyze critical metrics like approval cycle times and month-end accruals. And with one-click accrual, your client can see what’s pending approval, how it’s coded, and the dollars outstanding in an easy-to-use journal entry format.
Download this eBook to explore 12 of the biggest ways AP automation can improve your workday.