Manual invoice processing is costly and time-consuming. The average accounts payable department takes 6.8 days to process an invoice. Manual processing costs $15-$50 per invoice depending on the complexity of a transaction and existence of errors. Information has to be sorted, registered, keyed into a computer and archived by hand, every step of which adds to the costs.
Archiving invoices physically is cumbersome, and speedy retrieval of a specific invoice virtually impossible in a non-automated system. Paper invoices can be misplaced or lost, and manually processed invoices are vulnerable to human error - even the best A/P clerks make mistakes.
Backtracking to resolve discrepancies in a non-automated system wastes valuable resources. Employees often have to contact someone in another part of the company to get them to dig through files for paper backup; critical documents for resolving an error may be buried in somebody’s inbox; and a discrepancy between a receiving document and an invoice might never get resolved if someone in receiving entered incorrect information on quantities received and days passed before they were contacted about their receipts. With AcceLIM, every document related to a transaction is available instantly to anyone who needs it and can be viewed by multiple people simultaneously once it’s entered the system.
Automated invoice processing also smooths out peaks in the A/P workload, reducing stress on employees and allowing for a more competitive headcount. With manual invoice processing, companies may have certain times of the month when there is a much greater workload and other times when there is less work, but AcceLIM absorbs the variations in invoice volume with ease. And an automated system makes it far easier to produce audits, check runs, or GL reports…everything you need is right in the cloud whenever you need it.
Most importantly, when you choose to automate with AcceLIM, you get a host of unique advantages that go far beyond these common benefits of automation and are the result of our industry knowledge, the power of our software, the intelligence we build into your system, and the highly effective way we set up your processes. The proof lies in the results our typical customers enjoy, including single-digit discrepancy rates, tripled A/P productivity, approval cycles of less than 3 days, ready-to-pay cycles of less than 5 days, and 40-60% cost reductions.