The Risk Of Not Digitizing Invoices


Organizations who have yet to digitize their invoices risk incurring considerable time and personnel expenditure while running the risk of paying late fees, incurring potential accounting errors, and exposing themselves to potential non-compliance and financial risk. For C-Suite executive, the decision to digitize their accounts payable (AP) operations should not be taken lightly, and yet many organizations are critically lagging.

Processing invoices manually results in an spending inordinate amounts of time in the mundane task of data entry and ensures there is an increased potential of human error while reducing the opportunity of visibility into how AP costs may be reduced. In addition, many organizations are unaware of the many risks associated with non-compliance decisions, leading to costly financial losses and market volatility.

But, it is the implementation of an accounts payable automation software, that holds the key to unlocking the freedom found within truly streamlined and digitized invoice process. Leveraging software-based solution for accounts payable operations, rapidly decreases the amount of time needed for administrative work as well as the potential of human error, reduces compliance costs and improves companies overall operational efficiency.

Not only does software solution provide an efficient and reliable way to reduce the mundane task of data entry, but the latest accounts payable automation solutions include sophisticated analytics that can reduce costs and help ensure teams keep up to date with deadlines, payments and optimizations.

To further convincingly demonstrate their value to C-Suite executive, an accounts payable automation software includes features such as Self-Service Analytics and Strategic Sourcing, which empowers the CFO and other decision maker to track, analyze and optimize financial performance of suppliers.

Lastly, accounts payable automation solutions have been developed with the needs of the more security-conscious organization in mind. Many software providers now ensure data protection by applying secure stored encryption that uses layered approach to protect confidential company data.

In conclusion, industry experts and C-Suite executives agree that companies that are yet to leverage software solution for accounts payable automation are incurring considerable costs, extended payment times and security risks. Conversely, organizations that have implemented software solution have seen marked reduction in administrative resources, financial losses and audit risk, due to having access to sophisticated analysis tools and secure data encryption.