This winter, we surveyed MediusFlow clients across the US. We were surprised by how many mentioned the “paperless” motivation behind their AP automation initiative.
Most companies will confess: Paper still happens, even if invoices are emailed.
The problem is much more than frustration. It’s about the lack of control. It’s about scrambling to close the ledgers every month. It’s about surprise general expenses. And worse…
In fact, paper is undermining the books in 7 ways:
- Late close of every month
- Double payments
- Lost or missing invoices
- Late payments and interest
- Squandered accounting resources
- Miss early payment discounts
- Murky picture of payables and cash flow
A lot of companies talk about paperless AP workflows for efficiency gains. While that’s certainly a factor, we prefer to talk about paperless AP workflows being essential to strong financials.
Check out our infographic above. Let’s talk if you’ve ever experienced…
- Invoice logjams
- Mistakes in invoice payments
- Invoices that have gone missing or are lost
- Paid interest due to overdue invoices
- Murky financial visibility that makes it hard to make good decisions