Manual Accounts Payable Approval Processes
- Having to enter invoice data manually is a big pain point
Whether you are a one-person finance department or a large company with an AP team, one of the biggest challenges you have is entering invoice data into the ERP. Many organizations are stuck with entering the data manually — a time-consuming task that’s both resource-intensive and fraught with error.
- It takes an average of $14 and 7 days to process one invoice
Because of manual input methods, invoice approvals taking too long, missing documentation and increasing invoice volumes, AP departments and finance administrators are spending excessive time and resources in the processing of invoices. If there are multiple approvers for one invoice, delays are even more commonplace.
- Executives struggle with lack of visibility and control
Approximately 50% of larger companies say there are 12-24 employees outside of AP involved in invoice processing and management. Most companies use a combination of email and spreadsheets to keep track of communications with non-AP staff.
In smaller companies, finance administrators are frustrated by the time and effort it takes to manually input and approve each vendor invoice.
- Email and spreadsheets are inefficient and magnify risk
The risk of fraud is magnified by paper processes that do not link the actions of employees in the organization. This lack of control and visibility into the AP process can increase the risk of fraudulent activity.