Invoice volume and remote work are on the rise. Can your current invoice approval process support the complexity these trends create?
Is your Accounts Payable department struggling with one or more of these trends?
- Invoice volume: 39 percent of AP professionals say their total invoices increased as much as 10 percent in the past year. 24 percent report an increase of greater than 10 percent.
- Process complexity: Half of respondents think their invoice processing will become more complex.
- Transaction time: Regardless of company size, finance teams spend about half of their time (49 percent) on transaction processing.
- Mobile workforce: The global mobile workforce is set to increase to 1.75 billion by 2020, accounting for 42 percent of the global workforce.
- Invoice approvers: Industry analysts say that invoice approvers outside the AP department outnumber approvers inside AP by an average of 25 to 1.
- Remote access: 50 percent of the survey respondents indicate that remote approvers contribute to AP processing complexity.
- Visibility: 68.9 percent of controllers indicate that improving visibility into cash flow and cash management is among their priorities. 66.4 percent of controllers report that developing effective measures to gain visibility into overall performance of finance and administration functions is among their top priorities. A survey of U.S. and European finance professionals shows that nearly 60 percent are dissatisfied with the visibility of their financial close process.
Only OnBase combines the integration, mobile and content management capabilities needed to support the complexity of today’s accounts payable operations.
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Then download the eBook: Accelerating Accounts Payable to find out more about how ECM helps overcome major invoice processing obstacles.