What does modern AP look like?

Are you only

HALFWAY to modern AP?

A new report from PayStream Advisors reveals a big surprise: despite the steadily increasing use of electronic formats for invoice management, many companies have not truly automated their AP process from receipt to payment.

of companies believe their “current processes work”

33% Even though

almost half of them

don’t even know their cost to process an invoice.

47%

Without invoice & workflow automation, approvals take longer and money gets left on the table.

Front-end imaging

OCR/Automated data capture

Automated workflow

Full workflow automation is ushering in a new era of working capital management which give AP departments more visibility and control.

Automated Workflows Lead the Way

Don’t let your AP process be halfway to modern. Master the two critical stages of invoice workflow:

Which of the following technologies are you planning to implement within the next 6 months?

Matching and Workflow

Real-time electronic tracking of invoice status

Mobile and electronic approval functionality

Automatic notifications and alerts

Sorting and routing based on pre-defined business rules

day reduction in thereceipt-to-pay cycle when paper mail is eliminated and data is captured on the front end.

Electronic Invoice Receipt & Capture

Read the full report from PayStream Advisors: “2014 Invoice & Workflow Automation Report” or click here to learn more about Concur Invoice.

of companies say they can’t consistently capture payment discounts because of manual routing and lengthy approval times.

More than

70%

Yieldsup to a

10 Front-end imaging

OCR / Automated

data capture

Automatedworkflow

Electronic payments

Purchasing cards

59%

31%

55%

83%

91%

Front-end imaging

OCR / Automateddata capture

Automatedworkflow

Electronic payments

Purchasing cards

35%

22%

28%

13%

7%

Some of the most critical automation technologies are among the least used:

Which of the following technologies does your organisation currently use?

What problems most often lead to late payments and missed discounts at your organisation?

Decentralized invoice receipt

Lost invoices

Lengthyapproval

cycles

Large number of exceptions

Missing information on invoices

Manual routing of invoices

29%24%

58%

18% 18%

68%

91% 83%

91%

83% 91%83%

91%83%

91%83%

91%83%

91%83%