Accounts Payable challenges regulary include the areas of invoice receipt, data extraction, invoice matching and exception handling, and approval workflow. Sound familiar? A common theme with these Accounts Payable processes is that they rely on paper and people, and many companies are finding that adding staff doesn't always solve the underlying problem. Manual processes are not only expensive and inefficient, but they also increase the change or errors and expose companies to many risks. Here are a few examples of Accounts Payable issues:
ISSUE | IMPACT |
Invoice processing cycle time |
|
No automatic validation |
|
Lack of process visibility |
|
Invoice processing costs |
|
Check back soon for Part 2 of this topic where we'll go into more detail of how to rectify these problems with a simple solution.