The 80/20 Rule of Accounts Payable Invoices That’s Not In Your Favor
How to avoid manual data entry for accounts payable invoices
In most organizations, 80% of invoices arrive in the mail. On paper. Still – in 2017.
Only the lonely 20% arrive in digital format. Oh yeah, most of those are printed too. Yet, we are living in a world of digital transformation. Not if you ask the accounts payable department.
Then, to add pain to an already manual, paper-based process, 73% of the invoice detail needs to be entered manually, every time.
The organizational costs of this type of process include, to name a few:
- Manual data entry errors
- Up to 40% of accounting staff time wasted
- Ultimately, each manual invoice costs approximately $43 to process
By using a document management system to automatically capture invoices and related information at the start of the process, you can reduce your costs significantly – just by going digital.
When you add complete workflow automation, you’ll not only further reduce paper, processing time and errors, your processing costs drop to less than $5 per invoice.
Watch this video for a quick look at the future of accounts payable approval processes. And if you use Microsoft Dynamics GP, the experience will be like you’re in your ERP system.
If you are considering eliminating paper and automating your A/P process, KwikTag can help. Please contact us to discuss your needs.
For more insight from industry analyst PayStream Advisors on the costs of manual accounting processes, download the 2016 Enterprise Content Management Report.