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…
- Late close of every month. Logjams from faxed, scanned, e-mailed approvals delay closing the books.
- Double payments. It’s an ever present risk to pay for things twice – and never realize it.
- Lost or missing invoices. Once found, these cause unwelcome surprises after the month is closed.
- Late payments and interest. Overdue payments eat into profits.
- Squandered accounting resources. Staff wastes time, distracted from strategic projects & making more meaningful reporting (chasing invoices, resolving discrepancies, matching account statements).
- Miss early payment discounts. Leave money on the table, possible without realizing how much is even possible.
- 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.
Learn more
Find out how much a paper-based AP workflow costs your business by downloading our white paper "The true cost of paper"