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( votes)So you think your accounts payable (AP) is in a healthy state. But how do you know for sure? It is easy to assume that everything is fine if no one is complaining about late payments. However, hidden inefficiencies could be costing your business more than you think. Even worse, fraud is not always obvious if your department’s daily operations seem to be running well.
You might not realize it, but some of your basic AP processes could be costing you more in time and money than they have to. Many of the manual processes that AP teams depend upon can cause expensive delays. For example, invoices could take you up to 25 days to get approved when your team relies on doing everything by hand. According to Levvel Research, that comes at a price tag of $15 per invoice for those organizations that have not yet automated the process.
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