Paper Filing, Manual Data Entry, Invoice Exceptions Challenge AP Professionals
Monday, August 20, 2018
The 2018 State of Accounts Payable Report, a survey of 200 accounts payable professionals nationwide by Hyland and Statista, reveals the top accounts payable process challenges to be:
- Too many paper documents and files (26 percent)
- Too much manual data entry (25 percent)
- Invoice exceptions causing process delays (25 percent)
Eighty-two percent of survey respondents feel their organizations could handle an increase in invoice volume well or very well. Of those organizations, 95 percent are fully or mostly automated. Nearly half of AP organizations spend two to four hours a week enforcing invoice processing rules.
The report highlighted control as an essential measure that AP professionals seek from automation technologies. In terms of ways to manage participation of non-AP employees, 48 percent of AP professionals use email, 35 percent use phone and 27 percent use spreadsheets – all of which prove to be inefficient methods of controlling AP processes.
In the report, 87 percent of the respondents stated invoice status and due date were among the two most valuable pieces of invoice information. Other key visibility findings include:
- A majority of AP professionals, at 83 percent, identified workload per AP employee as an important performance metric.
- The greatest risks of not having an auditable trail of activity were noted as late and duplicate payments.