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Accounts payable (AP) has traditionally been a paper-heavy process. Even as automation grows in popularity, stacks of paper invoices and checks are still moving through businesses.
All that paper poses risks and challenges. Physical documents get damaged or lost, and remote workers can’t access them.
The piles of paper also create tedious and error-prone data entry, and bottlenecks happen when paper invoices get buried in an approver’s inbox.
And the cost of paper-based AP shouldn’t be overlooked.
“A rough way to estimate the cost of manually processing an invoice is to consider the cost of 30 minutes of labor from an AP employee,” says Selena Chow, Channel Development Manager at Quadient AP. “In general, that’s $12-$35. And the price of manually processing paper checks is equally steep. A single check can cost $4-$20. It’s estimated businesses in the United States spend almost $160 billion sending and receiving paper payments.”
Selena joined Vision33 for a webinar about AP automation. Quadient AP is a certified marketplace partner of Sage Intacct, a modern cloud-native financial management solution built for finance by finance. Sage Intacct is the first and only financial application preferred by the American Institute of Certified Public Accountants (AICPA).
By integrating Quadient AP and Sage Intacct, organizations can unleash the power of end-to-end AP automation and its benefits.
Here are a few.
Use custom rules to automate and see every step of your team’s AP workflow. Easily route purchase orders, invoices, and payment approvals to the right team member at the right time.
Quickly find the details of an invoice, purchase order, or payment in the cloud—regardless of where it is in a workflow. Accurately accrue liabilities in real-time and better understand your vendor spend.
The cost to manually process a paper invoice can be as high as $15. With artificial intelligence-powered data entry, you can eliminate over 80% of manual effort.
Real-time dashboards provide snapshots of things like outstanding payments for the month. Visibility makes AP faster, easier, and more collaborative.
“With the nature of the modern workspace changing, reliance on paper has gone from impractical to inconvenient to an impediment,” Selena says.
Tune in to her presentation and demo of Quadient AP below. You need less than 30 minutes to learn how it works, see businesses like yours that enjoy it, and understand how AP automation unlocks unprecedented efficiency.
