AP Operational Challenges
- A/P processes are traditionally paper intensive, time consuming and expensive.
- Late payments to suppliers
- Lost discounts for prompt payments
- High rate of duplicate payments
- Difficulty accessing information related to a specific transaction.
According to a study by the
Aberdeen Group in April 2012:
Streamlined, well automated Accounts Payable operations will process an invoice, on average, in about one-sixth the time, at about one-twelfth the cost, of manually operated Accounts Payable operations.
Organizations that automate A/P processes can shave more than 80% off the cost of processing and can decrease processing time from 17 days to less than 5.
AP Management Challenges
Incorrect information and lack of defined, audited A/P processes can lead to unnecessary and hidden costs, fraud, late payments, process errors, and double payments
What is DocuClass for Payables?
Is a turn-key solution designed to enable A/P Departments to streamline their operations, reduce operational costs, improve cash flow planning, and improve overall customer service.
Lack of Real-time Metrics
CFOs and Controllers find it difficult to leverage real-time metrics to better understand outstanding liabilities and improve cash flow planning