New Report: How Companies are Overcoming AP Invoice Processing Challenges

New Report: How Companies are Overcoming AP Invoice Processing Challenges

An inefficient accounts payable invoice process is generally not a the most pressing issue for top financial decision makers in most companies. At the end of the day, what matters is that invoices are processed and vendors are paid, and it doesn't really matter how it gets done, right?

While the actual process may not be a focus, cutting costs is certainly something that leadership is always keen to understand. And by introducing an automated system to streamline the AP process, cost savings are easily attained by stripping away inefficient and time-intensive procedures. Seems like a pretty simple decision: you can either save the company time and money, earning the praise of company leadership. Or, stick with an outdated manual process. While the answer may be obvious to rank and file accounting professionals, it isn't as apparent to everyone (i.e. leadership).

Despite the benefits of an automated system, many companies still haven't made the switch. Why? To learn how companies are currently managing the AP invoice process and payments, Certify surveyed over 300 accounts payable professionals to reveal the top benchmarks and trends of 2017. As part of the study, we prepared a new white paper that dives deeper into the results and data from the study.

To better understand the AP invoice landscape, we asked survey participants the following questions:
  • How AP invoices are processed?
  • What are the automation technologies in use?
  • What is the required headcount for manual processing?
  • How much does it cost to process a single invoice?
  • How long does it take to process a single invoice?
    What are the top invoice payment methods?
  • What is the volume of invoices that organizations are processing?
  • What are the top pressures associated with AP invoice processing?
  • Who is switching to AP automation software?

Some of the key takeaways and insights from the study include:
  • 15% of companies still process invoices through an exclusively manual paper-based process
  • 7% are currently using a fully automated accounts payable invoice system
  • 65% are planning to switch to AP automation software in the next two years

As you can see, the data shows many companies are still using manual processes, even more so than automated systems. However, while companies haven't yet fully adopted automation, many have identified the benefits and plan to make the switch. The next two years will be telling for the world of AP invoice automation as more and more accounts payable professionals redefine their processes with an eye toward greater efficiency and cost savings.

If you would like to read more about the trends in the AP invoice market for 2017, download the full study results in the white paper now.
Like what you see? Check out Certify's automated AP Invoice solution here.