As the single channel through which incoming invoices arrive, AP is critical to maintaining cash flow and supplier relationships. Human error and processing delays can have serious financial implications, including overpayment, regulatory noncompliance, and fraud.
So what do senior leaders need to do to optimise their AP processes? The first step is adopting an e-invoicing solution.
The conundrums of Accounts Payable (AP)
The key causes of AP inefficiency
The consequences of an ineffective AP
The results of the latest AP Inefficiency Study
The steps toward optimisation and world-class performance
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In 2020 alone, businesses lost €35.3 billion to fraud worldwide. Seventy-five percent of businesses experienced some kind of phishing attack in 2020, and 65% faced Business E-mail Compromise (BEC) attacks specifically. Incidents involving payment and invoice fraud increased by 112% between the first and second quarters of 2020, and attacks on finance employees increased by 87%.
Whether your AP employees are working remotely or in an office, if they are manually processing paper and PDF invoices they are enabling fraud via duplicate invoices, incorrect pricing, and inaccurate tax information. According to the Association for Image and Information Management, 22% of all documents are lost or misfiled in a manual environment.
This means that companies need to protect themselves against evolving and increasing scams — and the most effective method is automating your AP.