AP Automation by itself, can lead to negative ROIs. The solution is to outsource the process to a reputable service provider like IQ BackOffice.
AP Invoice Processing clerks have been benchmarked for decades. The common figure is that an AP clerk processes about 1,000 invoices per month.
Outsourcing Accounts Payable with a reputable third-party company like IQ BackOffice has many benefits. There is also one important drawback to consider as well.
AP automation vendors charge based on the number of system users and/or a fee per invoice - somewhere between $1.25 and $2.00 per invoice.
In this article, we take a look at Accounts Payable Automation, its components, how it is implemented, and the drawbacks as a stand-alone solution.
A streamlined Accounts Payable workflow is essential for managing the consistency, accuracy and efficiency of each step in the process from start to finish.
An efficient accounts payable process is critical to optimize working capital and measure operational efficiency for sound business decisions and planning.