Invoice processing will be faster and less costly in 2016 for those who embrace technology.
Top-performing accounts payable operations will process an invoice in about one-sixth of the time and at about one-twelfth the cost of less efficient companies in a similar situation, according to Aberdeen Group.
By automating processes and streamlining their operations, these leading-edge companies are able to maximize both efficiency and profits, putting themselves ahead – in some cases, far ahead – of operations still relying on manual processes.
But that advantage won’t last if companies don’t continue to grow and embrace new techniques and technology.
Here are two major trends experts expect to see become vital to the accounts payable industry in 2016 and beyond:
- Paper is still the biggest problem. Paper is expensive and unwieldy. Companies that want to get ahead need to stop using it for invoicing. Experts predict a rise in processing solutions that eliminate the use of paper.
- More automation. Not that this should come as a surprise, but the field of accounts payable will become more automated in the years to come. What might be surprising is that this change is taking place at all levels, from major corporations to small organizations. As more companies adopt electronic invoicing, this trend will continue at an even greater speed. Which means businesses that don’t work hard to stay ahead will inevitably fall behind.