The Path to Achieving High Performance Accounts Payable
Paper invoices require time-consuming keying of invoice data, physical routing, reconciliation, lookup/retrieval of invoice information, and responses to supplier inquires. These efforts frequently result in high paper-invoice processing costs, lost/misplaced invoices and compliance exposures, and ultimately they compromise paying invoices on time.
An Institute of Finance and Management (IOFM) study co-sponsored by Canon Business Process Services reveals the path to achieving high-performance accounts payable. This infographic highlights the three forces that impact accounts payable: centralized receipt and format of invoices, optimization of labor costs and the use of automation.