Managing accounts payable (AP) manually can be frustrating. From sourcing invoice approvals from managers to paying vendors in a timely fashion, there are several challenges that AP teams often run into. As a controller, it helps to learn what tasks are causing delays and how you can make improvements to better support the AP team and the business. Here are the five common AP challenges that you should know about:
Save money, instead of throwing it away
Manually processing invoices might be costing your business more money. The cost of processing a single invoice can be , in some cases, this might be more than the amount of the invoice itself. An AP automation solution can lead to cost savings of almost 80% by lowering the cost of processing one invoice to USD $5 or less.
Mitigate errors
AP errors may take place during manually entering data or coding, and items may be miscoded, or a spreadsheet formula may be broken. Fixing these errors can cost AP teams time and the business money. It may even damage your relationship with the vendor and lead to late fees, interest charges. An automated solution will replace manual steps so your AP team can prevent such oversights. Some solutions use AI to capture invoice details, drastically mitigating the scope of errors and fraud.
