July 15 2016.

Only 5 per cent of small businesses describe their accounts payable (AP) processes as ‘fully automated’, according to a new survey by V1

While the vast majority say that their AP processes are still paper-based (48 per cent) or semi-automated (47 per cent), this figure looks set to shrink as 58 per cent are planning to increase automation with a further 39 per cent considering doing so.

According to research firm APQC, labour costs typically consume 62 per cent of total AP costs, due to the need for manual intervention and posting and printing documents. Organisations that automate these processes typically achieve savings of 60-80 per cent.

Janette Martin, managing director of V1 says that automating tasks such as data capture and invoice approval is proven to generate substantial time and cost savings for businesses, allowing staff to spend more time on adding value.‘With the technology available today, there is no reason for businesses to still rely on manual, paper-based processes, so it is encouraging that .....

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