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Consequences of Manual Accounts Payable Processes

Automating workflows including invoice processes can save thousands of dollars for your business. Labor costs and operating costs can easily add up in the invoice process so figuring out where money is slipping out is the first step you have to take.

Do outdated invoice processes cost much?

Finance managers don’t realize how much manual invoice process can cost. The following are a few things to consider and review in your current invoice process:

 

Outdated systems

Manually filling the information does not work efficiently; digital era makes information accessible and automation can simplify the process to save time and money. Ask yourself the following questions to know whether automating your invoice process is required:

  • Is your business growing or how much time you are spending to manage manual processes?

  • How many invoices you send out each month? Can the process be simplified with a streamlined solution?

  • Does your accounts payable system makes it easy for you to pay?

  • Are you loosing vendors because of late invoice processes?

  • Is the reimbursement process lengthy?

 

Inaccuracy

Inaccuracies and fraudulence are the two consequences of manual invoice processes and can result in the following:

Manual processes involve duplicate invoices and payments. Making duplicate payments will add up to thousands and millions of dollars to businesses. Overcharges can become a problem as manual errors are unavoidable.

 

Labor costs

Getting work done with automated accounts payable software can reduce labor costs. Labor costs with manual processes are causing organizations to spend more on the invoice process rather than investing on automated solutions. Businesses are unknowingly throwing away a lot of money.

 

Decreased productivity

Accounts department spend significant time with manual invoice processing. Financial managers and CFOs spend a lot time trying to analyze data from manual processes, whereas, with automated accounts payable software it can be done very easily.