If you walk through the finance department of most any mid- or large-sized company, look for stacks of paper rising halfway to the ceiling. Then peer into a cubicle around the stacks. You’ll see a hardworking employee manually entering data into a computer, stuffing intra-office envelopes, taking phone calls from vendors, filing, punching keys on a calculator, and — when time permits — swigging coffee from an urn-sized mug for fuel to get through the day. Welcome to Accounts Payable: the final frontier for automation in Finance.
Aberdeen Group estimates that more than 80% of inbound invoices are paper. That number approaches 100% for mid-sized, non-manufacturing companies (hundreds of thousands of pieces of paper invoices annually). For years, companies were content to accept paper invoices as a fact of life. No longer. There is a movement underway toward paperless invoice processing in corporate America.
However, it’s a movement filled with lurches, jerks and pauses. Paperless invoicing is the destination, but few have really arrived. Confusion is often the buzzword when it comes to the different options available for automating invoice processing. This Executive Briefing will review some of the challenges with processing inbound invoices that are driving organizations to automate as well as the types of solutions available to facilitate automation.
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Vision360 Enterprise Accounts Payable Automation Solution by BlueCreek Software reduces time wasted chasing down paper invoices by automating invoice approvals, eliminating manual data entry, eliminating paper invoices and reducing processing costs.