Another part of diagnosing your pain points is to understand your current costs. Sixty-two percent of businesses plan to reduce spending because of the economic downturn. Payables departments that manually process invoices have a tremendous opportunity to reduce their overheard with automation.
Determine your average cost per invoice by multiplying your total number of FTEs by the average compensation and benefits per FTE and dividing that figure by your total number of invoices.
Highly automated accounts payable departments spend less than one-fourth as much to process a single invoice compared to their accounts-payable peers with little or no automation, IOFM finds.
Accounts payable automation is the elixir for the issues created by remote working. That is why more departments are prioritizing automation. Understanding the challenges in your current payables operation will help ensure that your automation project is a success, no matter where staff work.