Many companies believe that they are “too small” for automation because they don’t have enough team members or process enough invoices. Subsequently, they also believe that manual, paper-based processes are the best way to manage their business because it’s the same thing they’ve always done. This is not necessarily true, even if it has been the way of the past.
A study by Levvel Research shows that 74% of AP professionals state that manual data entry is their #1 daily challenge. Despite this, 50% of businesses still receive paper invoices in the mail. 79% of them have at least some manual data entry into their ERP system.
Here are a few more data points to consider:
- Invoices cost an average of $23 each when processed manually
- Lost invoices cost $125 to find and $225 to replace
- Payment fraud costs nearly $19 billion annually
- 75% of businesses experience check fraud in the US
The bottom line is that manual AP and payment processes are costly and have slow invoice approval times. They also introduce considerable fraud and are an inefficient use of company resources. Regardless of team size or invoice volume, most businesses can benefit from an
When time and money are at stake, there’s no excuse to continue with manual invoice processes.
In addition, the pandemic and related transition to remote working has increased the need to increase efficiencies in every possible area of the business. Changing work environments cause challenges with collaboration, communication, and productivity. With employees potentially working in several different locations, the manual AP processing and visibility limited in the AP department has become even more of a process bottleneck. In fact, many AP and finance employees spend 50% of their time searching for invoices that could be in the office or at someone else’s home office. That is time better spent doing high-value activities.
Implementing an AP automation solution prepares your business for changes, growth and ongoing adaptation to the “new normal.” Many cloud solutions are affordable and quickly-based. Plus, AP automation provides the sense of security that all of your invoices and their status in the process are available to those who need them, whether they’re working in the office or at home. It enables business continuity so that your teams can stay safe and work from anywhere.
There’s no time like the present to get started on your AP automation journey.
AP Automation with KwikTag
KwikTag by enChoice organizational digital transformation as the one system for invoice and payment automation. KwikTag helps organizations go paperless with AP automation and document management with powerful integrations with the Microsoft Dynamics ERP systems.
With 20+ years of experience in the Dynamics community, KwikTag offers AP automation solutions that provide a completely digital, touchless workflow for payables and purchasing related invoices. Our AP automation solutions for Dynamics GP and Business Central are cloud-based and designed using industry standard invoice workflows. AP automation with KwikTag minimizes data entry, saves time and increases efficiency by automating invoice and payment processes.
Read more from KwikTag here.
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