Barriers to A/P Processes Adoption

While a lot of use cases show the critical costs savings of automating A/P processes, not all companies are ready to implement a solution. Why?

A 2007 Institute of Financial Management (IOFM) A/P Department Benchmarks and Analysis survey shows that automated document capture had been implemented by one-third of organizations surveyed while some form of e-invoicing are used by  only 25%.

Besides, according to reports, any kind of automated A/P system has to be adopted by 52% of companies surveyed.

As you can see, manual paper processing are still be used by a lot of organizations. In fact, a study shows that automation systems helps those companies to be twice as productive.

A surprisingly large number of companies still manually process their A/P transactions because they are not aware of the factors that are costing the company money as well as  sucking time from staff.

There is a fact that  the time spent gathering the necessary approvals and associated paperwork is one of the more costly elements of getting an invoice paid. However, most of the waiting periods are reduced by automating the A/P workflow because  approvals and decisions are simplified, automated, and secured by the system.

A/P automation also improves efficiency, strengthens internal controls, reduces errors, improves fraud protection, has  better analysis, planning, and forecasting capabilities, and reduces storage requirements.

Source: inFORM Decisions