Payables Friction Playbook: The Light At The End Of The Tunnel: Invoice Processing
As your business grows, so do the number of invoices your Accounts Payable (AP) team needs to process. If you are still relying on manual- and paper-based processes, that should translate to a significant increase in time and resources needed for approval.
Yet according to a survey of 1,040 AP professionals conducted by PYMNTS, companies that receive large amounts of invoices monthly take less time to process those invoices than companies that receive smaller amounts.
Here are some of the findings in this third Payables Friction Playbook:
- 6 days – average time firms processing more than 20,000 invoices/month need to process a single invoice
- 5 days – average time firms processing between 5,000 and 20,000 invoices/month need to process a single invoice
- 5% of firms that process more than 20,000 invoices/month use e-invoices vs. 68.4% from those processing between 5,000 and 20,000 invoices/month
If invoice innovations like e-invoicing are saving time and money, why aren’t companies of all sizes implementing this technology?
Download The Payables Fiction Playbook #3 to find out how you can reap the benefits of invoice innovation.