We’re seeing a dramatic increase in organisations reprioritising their need for AP automation technology to support their changing workforce and better manage their fluctuating cash flow needs. Companies are now seeking greater visibility and efficiency over their finance operations and there is clear requirement to automate AP functions with electronic invoicing solutions, invoice capture tools and AP workflow automation solutions.
According to Gartner, typically the cost of processing an invoice in the UK ranges from £4 to £25, and can be as high as £50, per individual invoice.
Automating invoice processing delivers considerable savings and a very fast ROI.
Substantial savings even with lower invoice volumes
Comparing accounts payable performance shows where savings can me made, with low performers typically spending an average of £7 per invoice and 12-17 days to process for payment, in comparison with top performers with automation that can expect to spend less than £2 per invoice and 1-2 days to process it through the system.
Extrapolating that: the annual cost for a low-performing organisation processing 5000 invoices per month is £420k, whereas the annual cost for an automated organisation processing the same volumes is £120k – a £300k difference.
Even for those processing 500 invoices per month, that’s a saving of £30k per annum – meaning automation can very quickly pay for itself and more, no matter the size of the company.
Of course, we’ve only focussed here on the efficiency gains by removing the burden of manual processing and distribution to approvers; those who have already automated their solutions consistently highlight ‘increased visibility’ as the key advantage from automation. Particularly in turbulent times, the importance of having a real-time view of your organisation’s financial position is critical in making effective business decisions and maintaining mutually beneficial supplier relationships.
Affordable, best-in-class AP Automation for your business
Kofax ReadSoft Online™ provides market-leading capture, extraction, validation, configurable business rules, general ledger coding, and user driven approval and exception workflows for invoice processing in the cloud, offered as a software as a service (SaaS) on Microsoft Azure.
The solution enables companies to process invoices seamlessly and affordably. It’s fast to implement and business can be benefiting within days rather than months.
With adaptive self-learning technology and minimal need to invest in expensive IT-infrastructure, Kofax ReadSoft Online provides a rapid return on investment.
Find out more by viewing the fact sheet
Why you can trust Embrace Digital with your Accounts Payable Automation Project
Embrace Digital is a technology focused consultancy and services provider, providing business efficiencies through process automation.
As a strategic partner to many of the market leading technology vendors within the scanning, data capture, workflow and robotic process automation space, Embrace Digital can recommend technology that best fits your requirements, business and budget.
We’ll work closely with you to maximise the opportunities for automation, ensure integration with your existing business applications.
The team at Embrace Digital are always happy to discuss ideas and share approaches that can help to bring more efficiency and transparency to your AP function.
