Accounts payable (AP) automation is a revolutionary solution for businesses that are looking to streamline their financial operations. The AP process is a challenging task that requires a lot of time and resources, making it an ideal candidate for automation.
“The AP process is one of the most challenging operations within a business… With AP Automation, customers can automate even more of the AP process, speeding up payments, improving vendor relations, and increasing the number of processed invoices.”
Patrick Moorhead, Forbes Analyst
According to studies by PayStream and Levvel, the average cost of processing a single invoice for novice businesses is $15. If your business has 20 bills to pay each month, just the cost of processing them adds up to $300 a month or $3,600 a year. This amount could be spent on other important aspects of the business or could be used to save money.
Manual AP processing is not only expensive, but it’s also inefficient. It’s estimated that shifting to digital AP solutions could boost labor productivity by up to 25%. This productivity boost can be a game-changer for businesses that are looking to achieve success.
Moreover, paper invoice errors can be costly for businesses. Each paper invoice error costs companies an average of $53.5 to rectify, according to a survey by software company Sterling Commerce. With automated AP solutions, businesses can minimize the risk of manual errors and reduce the cost of rectifying them.
Environmental concerns are also an essential factor to consider. A study by Xerox found that nearly half of all printed documents are thrown away within 24 hours, and 30% are never picked up from the printer at all. Going digital with AP solutions can significantly reduce office expenses and help businesses do their part to protect the environment.
Manual AP processing is costly and inefficient, while automated AP solutions can help businesses save money, improve productivity, and reduce the environmental impact of their operations. Adopting TAG’s digital AP solutions empowers businesses to prioritize what truly matters – growing their business – while leaving the time-consuming and error-prone AP tasks to TAG support services.
