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.
 
Contents
  • Executive Summary
  • Survey results:
  • About the respondents
  • Processing invoices
  • Processing B2B payments
  • Technology use and satisfaction
  • Technology spending
  • Conclusion

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