According to a recent survey1, 59 percent of accounts payable (AP) heads think that the AP function is becoming more strategic and that improved AP performance has a positive impact on profitability. This survey approached 550 heads of AP around the world and it revealed that inefficiencies of the AP process are costly for companies. The late payment fees are a reality and early payment discounts typically cannot be leveraged. The respondents identified human error, whether by AP or the procurement department, as the biggest cause of AP errors, and invoice scanning / data entry as the most time-consuming and error-prone step in invoice processing.
Basware identified the four steps to achieve the benefits of invoice processing:
Step 1 - Audit your current process, set the goals for improvement and start the transformation
Step 2 - Selection process: Consider only solutions that support the entire P2P process
Step 3 - Aim at a fully electronic AP process and understand invoice automation and invoice to order matching
Step 4 - Make a plan to shift to electronic supplier collaboration
More information
- Brochure: http://www.basware.com/Resources%20Documents/Invoice-Automation-Basware-ebook-2011_FINAL.pdf?iadl=37
- Case Study: http://www.basware.com/Resources%20Documents/Basware_Customer_Success_2010_ABB.pdf?iadl=38
Editor on 
es on
Benefits of invoice processing can be achieved by following the above mentioned 4 steps in most cases.