AP Automation and Invoice Processing: Removing Paper Pain

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Paper invoices make up 75-80% of invoices in the US, costing companies significant time and money to process, store, search, and manage. Going digital with accounts payable automation reduces processing costs by up to $1.17 per invoice through faster processing times, improved visibility and workflow, and easier long-term storage and compliance. Key benefits include lower costs, increased efficiency, and productivity gains through faster payment cycles and easier auditing.

Accounts Payable Automation:
Solving the Paper Pain

Accounting = Paper
•The analyst firm Gartner
believes that, in the
United States, about 75%
to 80% of invoices are still
paper-based.
Source: Gartner, Accounts Payable Invoice Automation, Gartner RAS
Core Research Note G00163833, December 2008

The Costs of Paper
•Companies spend $20 to file a
document (Time, materials, copy, etc.)
•$120 in labor to find a misfiled
document
•$220 to reproduce a lost
document
Association for Information and Image Management (AIIM)

Shipping and Mail
•Branch to HQ Shipping Costs
•Regional offices send all their
invoices to HQ for centralized
processing
•Even those that scan have image
management issues
•Time delay

Payment Cycles
•According to IOMA, 25% of
all invoices are paid late
•Increased cycle times with
paper
•Data entry errors can lead
to added time to search and
find invoices
Institute of Management Administration

Searching and Locating
•Audits and legal issues
can cost $$$
•Physical file searching is
painful
•Costs of finding, removing,
copying and replacing files
•Customer service issue

Archive and Storage
•Long term storage costs
•File cabinet space
•Disaster recovery

Top Benefits of Digital AP
0.26
0.29
0.34
0.34
0.36
0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4
Reduced Cycle Times
Audit Process Improvement
Improved Visibility of Process
Lower Processing Costs
Fewer Lost Invoices
Accounting and Finance Survey
Imaging Adoption Survey by
Paystream Advisors

Filing Time/Cost Comparison
•Storage Costs for Paper
–Time to File: 5 minutes
–Cost of Filing Invoice: $1.67
•Scanning and Imaging Costs
–Time to File: 30s to 1.5m
–Cost: $ .50
*based on $20 per hour

Summary
Paper processing is expensive
Digital AP provides a variety of
benefits
Efficiency
Productivity Gains
Reduced Costs
Invoice Processing Solutions
by inFORM

The accounts payable function at organizations is evolving, and as companies bring their AP processes into the digital future, they need technological advances to keep up, bringing them from point A to point B with more accuracy, speed, and cost-savvy. All of this and more can be done with planning and automation. The following infographic shares statistics, facts, and tips on AP automation and modernizing your business processes for improved customer and supplier relationships, better discount capture, and enhanced visibility into business processes.

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AP Automation and Invoice Processing: Removing Paper Pain

1. Accounts Payable Automation: Solving the Paper Pain

2. Accounting = Paper •The analyst firm Gartner believes that, in the United States, about 75% to 80% of invoices are still paper-based. Source: Gartner, Accounts Payable Invoice Automation, Gartner RAS Core Research Note G00163833, December 2008

3. The Costs of Paper •Companies spend $20 to file a document (Time, materials, copy, etc.) •$120 in labor to find a misfiled document •$220 to reproduce a lost document Association for Information and Image Management (AIIM)

4. Shipping and Mail •Branch to HQ Shipping Costs •Regional offices send all their invoices to HQ for centralized processing •Even those that scan have image management issues •Time delay

5. Payment Cycles •According to IOMA, 25% of all invoices are paid late •Increased cycle times with paper •Data entry errors can lead to added time to search and find invoices Institute of Management Administration

6. Searching and Locating •Audits and legal issues can cost $$$ •Physical file searching is painful •Costs of finding, removing, copying and replacing files •Customer service issue

7. Archive and Storage •Long term storage costs •File cabinet space •Disaster recovery

8. Top Benefits of Digital AP 0.26 0.29 0.34 0.34 0.36 0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4 Reduced Cycle Times Audit Process Improvement Improved Visibility of Process Lower Processing Costs Fewer Lost Invoices Accounting and Finance Survey Imaging Adoption Survey by Paystream Advisors

9. Filing Time/Cost Comparison •Storage Costs for Paper –Time to File: 5 minutes –Cost of Filing Invoice: $1.67 •Scanning and Imaging Costs –Time to File: 30s to 1.5m –Cost: $ .50 *based on $20 per hour

10. Summary Paper processing is expensive Digital AP provides a variety of benefits Efficiency Productivity Gains Reduced Costs Invoice Processing Solutions by inFORM

AP Automation and Invoice Processing: Removing Paper Pain

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