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15 Scary Facts About Accounts Payable

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Inefficient paper-based processes plague AP operations, making it one of the scariest processes in the office. POs and invoices go in, sometimes never to be seen again. But what should scare you the most about accounts payable?

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15 Scary Facts About Accounts Payable

  1. 1. 15 SCARY FACTS ABOUT ACCOUNTS PAYABLE By Melissa Henley @ECM_marketeer
  2. 2. Inefficient paper-based processes plague AP operations, making it one of the scariest processes in the office. POs and invoices go in, sometimes never to be seen again.
  3. 3. But what should scare you the most about accounts payable?
  4. 4. SCARY FACT #1: 52% of AP departments say their top priority is migrating away from paper-based processes ... Source: Ardent Partners
  5. 5. SCARY FACT #2: … 80% of invoices still arrive on paper. Source: The Accounts Payable Network
  6. 6. SCARY FACT #3: Only 14% of paper invoices are input into the AP system on the day they arrive. Source: The Accounts Payable Network
  7. 7. SCARY FACT #4: 47% of AP leaders feel lengthy processing times are their biggest challenge. Source: Ardent Partners
  8. 8. SCARY FACT #5: A manual invoice process can sometimes exceed 15 steps before the final posting is done. Source: Stellent Partners
  9. 9. SCARY FACT #6: With minimal automation, it may take up to 16.3 days to process a single invoice. Source: The Aberdeen Group
  10. 10. Source: Institute of Finance & Management (IOMA) SCARY FACT #7: The average cost of processing an invoice in an environment with a low level of automation can be up to 20 times greater than in an environment with a high level of automation.
  11. 11. SCARY FACT #8: When vendors send invoices directly to purchasers, it takes 5+ days for the invoice to reach AP. Source: 2012 AP Benchmarks Research Report
  12. 12. SCARY FACT #9: The industries with the highest costs to process invoices are non-profit/education ($16.78) and government ($15.86). Source: Institute of Finance & Management (IOMA)
  13. 13. $10.58: The average cost to process a PO invoice The scariest facts you didn’t know about POs 10 11 12 13 $11.63: The average cost to process a non-PO invoice 2,462: PO invoice payments processed monthly by an AP staffer 2,049: Non-PO invoice payments processed monthly by an AP staffer Source: Institute of Finance & Management (IOMA)
  14. 14. SCARY FACT #14: On average, 3.6% of invoices have errors. Source: Institute of Finance & Management (IOMA)
  15. 15. SCARY FACT #15: Organizations lose an estimated 5% of their annual revenues to fraud. Source: Association of Certified Fraud Examiners
  16. 16. Thanks for reading! Don’t live in fear of your A/P process. Click for your free ebook.

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