If your business still uses manual, paper-based activity for accounts payable and invoice processing, you aren’t alone. But, do you know how much this is costing your company, especially in terms of time, effort and energy?
- Industry estimates place the cost of manual invoice processing at $12-$17 for each individual invoice, with the average falling at more than $15.
- It takes the typically company nearly 3 days to manually validate, approve and process an invoice.
- Even after double checking, human errors can happen – about 3.6 percent of all manually-processed invoices contain errors.
- A lost invoice can create added expenditures – it currently costs businesses $125 to find a single lost invoice, or as much as $225 to replace it.
Key pain points like losing documents, missing errors or data entry mistakes, and long approval processes plague businesses that are still using manual processing for invoicing and accounts payable. In fact, long approval times, late payments and dealing with paper documents are among the top frustrations felt by finance and accounting teams today.