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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%