Is Your AP Department Operating at its Full Potential?
Running your Accounts Payable department at its full performance potential helps to lower operating risks and overall costs from financing activities. Here’s why businesses need to automate their AP processes.
66% of invoices are still paper-based.
$11.76 is the average cost to process a single invoice.
62% of labor cost is consumed of AP costs.
High automation companies have saved 70% of the cost to process vendor payments.
A 2% early payment discount is equivalent to 36% annual interest rate.
Companies that switch from paper to electronic saved $5.46 per invoice.
61% of automated users reported a payback period of 12 months or less.