How automated is your AP department?
Almost all AP departments have some degree of automation but, for many, there’s plenty of room for more.
Fewer than one in five AP departments say they are at a “high” level of automation, according to the initial findings of IOMA’s AP benchmarking study.
The study characterized a high level of automation as significant use of functions such as invoice imaging/scanning, electronic invoicing, some invoice data extraction, automated work-flow, almost paperless processing of employee expense reports for T&E, corporate credit cards, ACH payments, as well as other related technologies.
A medium level of automation, which the majority of companies say they’re at, includes the use of one or more of the technologies mentioned in high automation.
The study described low automation as a mainly manual, paper-based AP department.
Check out the chart below for a breakdown of companies’ automation levels:
If your firm is looking to beef up its automation, here are a few things to consider.
- Share on
Free Training & Resources
Further Reading
More and more businesses are relying on email over phone calls to collect from past-due accounts. Email is faster and more direct than tryi...
Spirit Airlines didn’t fail overnight. The collapse was years in the making – a compounding sequence of financial decisions that an...
With all the work your A/P department puts into issuing timely payments, it can be frustrating to find out there’s unclaimed property...
The demand for finance chiefs is growing. Yet more companies are replacing their CFOs. Even so, CFOs are a lot less worried about AI taking...
Good news: The IRS updated its Form 1099-K FAQ fact sheet. The Service revised guidance for two dozen of the most common queries that it re...
The Securities and Exchange Commission (SEC) just fined a company $35 million because it didn’t maintain adequate disclosure rules fo...
