Infographic: 7 ways paper is undermining the books

invoices.  

7 ways paper is undermining the books

Paper still happens. Invoices stream in by mail, email… even fax. Each is received and sent off on its approval journey – impossible to track. Whether it goes to another department or other side of the country.

While the AP team can’t see what’s happening…

1. Late close of every month. Logjams from faxed, scanned, e-mailed approvals delay closing the books.
2. Double payments. It’s an ever present risk to pay for things twice – and never realize it.
3. Lost or missing invoices. Once found, these cause unwelcome surprises after the month is closed.
4. Late payments and interest. Overdue payments eat into profits.
5. Squandered accounting resources. Staff wastes time, distracted from strategic projects & making more meaningful reporting (chasing invoices, resolving discrepancies, matching account statements).
6. Miss early payment discounts. Leave money on the table, possible without realizing how much is even possible.
7. Murky picture of payables & cash flow. The business is making forecast without a true picture of P&L.

• How efficiently can you close every month?
• What portion of your spend happens offline, surprising you in the form of general expense invoices?
• And are you forecasting with guesswork?

It’s time to end the paper chase. Close every month on time. End the surprises. Gain control and visibility into organization-wide spend with modern AP (accounts payable) automation.

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Find out how much a paper-based AP workflow costs your business by downloading our white paper "The true cost of paper"

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