Date Added: Aug 2009
In response to the current protracted economic downturn, financial executives are refocusing their efforts on the efficiency of their business operations as a source of potential savings. Improving the accounts payable (A/P) process has become an increasingly critical function for optimising cash flow and providing financial management support in an era of tightening credit. Most A/P departments are deluged with paper. According to the Aberdeen Group, 80% of invoices are still in paper format. Labour costs associated with handling paper are the single major cost component of A/P. This includes the tedious manual process of capturing, submitting, approving and paying vendor invoices. Eliminating paper in this process can cut costs, increase productivity and reduce errors.