- Executive Summary
- Survey results:
- About the respondents
- Processing invoices
- Processing B2B payments
- Technology use and satisfaction
- Technology spending
Accounts Payable Automation Study
This Accounts Payable Automation Study by the Institute of Financial Operations, which is sponsored by Kofax, a provider of smart capture and process automation software and solutions, finds that 49.7% of 213 respondents spend US$10 or less to process a paper invoice, while 46.5% spend only half of that -- US$5 or less -- to process an electronic invoice.
The best-in-class companies spend less than US$2 to process an invoice, both paper and electronic. Most of the companies surveyed, however, spend anything from US$2 to as much as US$25 per invoice -- or, more worryingly, are not sure what the cost is (32.7%).
Despite the push for digital billing, paper remains a staple in invoicing, although the volume of paper invoices is trending downward. Within three years, most survey respondents expect the majority of their business-to-business payments to be completed electronically.