How Mature is Your Organization’s Accounts Payable Process?
July 31, 2019
Would you say your organization relies heavily on manual data entry and routing processes, and experiences high paper invoice volume? Or, perhaps you have a mix of digital and paper invoices, with some AP automation in place.
Alternatively, maybe your organization has blown past the manual processing stage and is invested in cloud-based automation tools and other automated systems. Levvel Research categorizes AP maturity into 3 categories: Novice, Mainstream and Innovator.
Whether you’re a small to mid-size business (SME), mid-market or even a large-scale enterprise, all organizations can sit at different maturity levels depending on their adoption level of Accounts Payable (AP) automation tools and systems.
Although 45% of SMEs fall into the ‘Novice’ maturity category of AP efficiency and fewer than 10% fall into an ‘Innovator’ maturity status, the hard costs of AP processes – both from a cost per invoice and uncaptured discounts perspective – will decrease as your automation maturity increases.
However, one of the biggest hurdles for most SMEs lies in finding an AP solution that fits their unique business needs. Historically, AP automation tools and systems have been specifically designed to help solve the pain points of larger organizations, which leaves most SMEs to patch together a solution. Typically, this means settling for one or two specific programs which may improve some – but not all – of their problems.
Ultimately, a fully automated and optimized AP system will help you make better and smarter decisions for your organization’s bottom line – no matter your business size.
Our free whitepaper, written in partnership with Levvel Research, will help you assess your organization’s AP maturity level in comparison to other North American organizations, while also:
• Weighing the effectiveness of a number of AP management strategies implemented by SMEs
• Breaking down some of the most common pre-automation pain points for organizations of every size
• Analyzing the cost, efficiency and sophistication of AP automation processes
• Providing best practices to help ensure ROI when adopting the right AP solution for your business
And remember: a well-executed AP automation strategy is not just reserved for large organizations!
Are you ready to achieve ‘Innovator’ status in the AP space?
Download our white paper, “Mature Accounts Payable for the Small and Mid-Size Enterprise: Adopting Automation to Achieve Accounts Payable (AP) Maturity and Optimization” today!
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