Digitizing payments in a mixed world – News Couple

Digitizing payments in a mixed world

Companies are beginning to set conditions for a gradual return to the office, and employees are choosing all kinds of settings – completely remote, and mixed, in the office. With such diverse preferences, the accounting team needs a set of tools and systems that will help them operate as usual and keep the business running.

One study with 9,000 employees revealed this 83% Respondents want to operate within a hybrid environment, forcing companies to adopt tools that provide flexibility and security. Based on the trends, we can say that the accounting industry is at a fast pace of moving towards automation. 2021 Accounts Payable Status The study found that automating accounts payable is the top investment priority for 83% of 600 financial professionals.

Here’s why companies are investing in an AP solution in the mixed world:

Online billing approval:

70% All invoices are processed on paper. It can take up to six days on average to process a single invoice manually, and the cost can be as high as $15 per invoice. There are many factors that contribute to slow processing time, including scanning, sorting, routing, encoding, and filing. Directing approval and follow-up can take a particularly long time.

A survey of 200 AP professionals found that they spend about 20% of their time per week managing approvals. That’s roughly one in five days spent on approvals and follow-ups.

“The flaw we had with this system was that there was no way of knowing if invoices and purchase orders had received the appropriate level of review and approval,” said Jose Britton, CAO at Brickell Biotechnology.

With automation, companies can speed up this process by approving invoices in the cloud. Reminders can be automated, so employees don’t have to do the chase. Managers can access approval documents via the web or mobile. Invoice processing cost also drops to $5 or less.

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