How AP automation eliminates your top 6 invoice pain points

If you've ever worked in accounting, you know how much time and effort is spent processing invoices. With receiving, coding and keying, tracking approval, and issuing payment, manually processing an invoice can take anywhere from several days to several weeks and cost upwards of $15USD.

In this blog post, we'll talk about the 6 most impactful invoicing issues and demonstrate how AP automation eliminates each one.

It all starts with an invoice

86% of AP teams rely on manual invoice workflows. Processing hundreds or thousands of invoices manually causes an enormous amount of pain. Here are the 6 most common invoicing pain points:

1. Perilous paper storage.

2. Incorrect entered.

3. Operational drain.

4. Workflow bottlenecks.

5. Workforce burnout.

6. Impaired end-to-end visibility.

Let's explore how AP automation solves each one.

1. Keeping track of paper is painful

It's easy for a paper invoice to slip through the cracks when everyone is in the same office. But when you add in the additional complexity of today's remote workforce, you can see how it takes a herculean effort for manual invoice workflows not to become a liability.

AP automation streamlines your team's invoice approval management and empowers them to process invoices 9x faster. You can batch scan your paper invoices, and easily split them into separate invoices for easy overview.

2. "To err is human"

Whether it's a manual keying error, an incorrectly coded line item, or a broken Excel spreadsheet formula, data entry errors are one of the most common problems resulting from manual invoice processing.

AP automation eliminates the need for manual data entry. Invoice headers are entered with 99% accuracy thanks to AI-enhanced technology and can be coded with a single click based on what was entered previously for similar invoices.

3. Operational inefficiencies

Manual invoice workflows are not only mentally and physically taxing but time consuming, too. And wherever too much time is spent, wasted money often follows.

The average cost to manually process an invoice starts at $15USD and can take anywhere from several days to several weeks, involving multiple employees.

How much are manual invoices costing your business? Find out with Quadient AP's ROI calculator

AP Automation saves organizations 60-80% of these processing costs. With 9X faster processing, 99% header entry accuracy, and batch invoice processing, your team will save a significant amount of both time and money.

4. Chasing approvals

It's not uncommon for manual invoice workflows to require multiple reminders before they are approved. Meanwhile, the vendor has started sending impatiently-worded requests to please process payment – and when the invoice is finally approved, it has often incurred late fees.

AP automation solves these bottlenecks, eliminating the risk of late fees and ensuring you have optimal vendor relationships which can lead to additional discounts. You can set up automated and customized approval channels, ensuring the right invoices are paid at the right time.

5. Beating employee burnout

The future of work is automated. Today's modern workforce demands roles that offer engagement with advanced technical tools, and the opportunity to demonstrate social and emotional skills like creativity, critical thinking, and complex information processing. Employees aren't shy about leaving companies where these opportunities don't exist.

Automation offers AP teams the opportunity to leverage AI-enhanced tools, including data analytics and enhanced fraud detection and prevention. And thanks to the reduction in tedious, manual tasks, team members are empowered to provide much more strategic and valuable outputs.

6. Operating in the dark

Manual invoice processing does not allow for real-time data or analytics, leaving key decision makers without the information they need to manage cash flow, project department spend, or accurately accrue liabilities. This negatively impacts overall financial projections and strategic planning for future projects.

AP automation provides accurate, real-time reporting of every invoice at every step in the journey. Cloud storage facilitates invoice searches by vendor, GL code, amount, legal entity, or any other information on the invoice.

Quadient AP automates your invoicing

Every pain point we've addressed can be solved with Quadient AP's automation solution. Transforming your invoice management from high to low touch will:

• Reduce manual entry errors

• Eliminate wasted operational costs

• Accelerate invoice processing and approval timelines

• Engage your workforce

• Enable cloud-based access to data anytime, anywhere

• Provide real-time data visibility, reporting, and reconciling

As a bonus, you can also integrate Quadient AP with your existing accounting solution such as Quickbooks, Netsuite, or Sage Intacct to deliver even more transparent and cost-effective AP processes.

Schedule a demo now and start painlessly eliminating your manual invoice workflow today!

a guide for accounts payable professionals