Inefficient manual processes are getting to your A/P team, especially when they’re working with invoices. The current state of affairs is leading to burnout that, if left unaddressed, could increase turnover at your company.
Over three-quarters of A/P staff said they processed more invoices this past quarter than ever, according to a recent survey from the Institute of Finance & Management (IOFM). And half of them are working longer hours to juggle it all. Plus, they’re feeling burned out.
Many A/P pros attribute part of this to spending more time on manual tasks than they should be, including entering invoice data, answering emails and calls about payments, and fixing errors.
Too many invoices, too little time
Like many departments, A/P is feeling the effects of the Great Resignation, and that’s making burnout worse. Staffers are leaving A/P, and they aren’t being replaced. This is increasing the workloads of those left behind.
Respondents to the IOFM survey said they’re at a breaking point, with never-ending to-do lists and unmanageable stress. Some report they’re working through lunches without any breaks to process hundreds of invoices.
As you can imagine, this is doing little for their morale. Many A/P pros are feeling stressed, exhausted and depressed. In fact, almost 25% of burned-out A/P pros are currently considering leaving their current firms. Add that to the estimated 20% of A/P staff who will be eligible for retirement in the next five years, and it creates a perfect storm for your company.
Automation is key
Much of the frustration in A/P right now comes from dealing with lengthy manual approval processes for invoices that involve far too much paperwork. This is why automating as many steps as possible should be a top priority.
Almost every company began to rely more heavily on electronic processes during the pandemic. Streamlining invoice processing with more automated tools needs to be part of that transition.
Several A/P pros surveyed by the IOFM said they wouldn’t be able to manage their current workload without their company investing in technology like invoice approval solutions and all-inclusive enterprise resource planning (ERP) systems with robust A/P functionality.
These tools not only make A/P staff happier, they also improve the bottom line, saving companies thousands of dollars a year in workforce hours and late payment fees. Automation also reduces the risk of payment fraud and costly errors, saving even more time in A/P since those issues no longer have to be rooted out and fixed.
Now’s the time to look for more ways to integrate automation into the invoice process – before your A/P staffers become disengaged from burnout and consider resigning.