If you are an accounts payable professional, chances are that much of your day is spent on transaction processing. In fact, IOFM finds that transaction processing consumes 84 percent of the average accounts payable professional’s time, leaving only 16 percent of their time for data analysis.
The results of IOFM’s 2016 AP Key Performance Indicators Study underscore the burden of transaction processing. Out of the 69 full-time equivalents (FTEs) employed in accounts payable departments (on average across all locations), all but one FTE performs invoice data-entry.
It is no wonder that improving and automating manual processes ranks among the top accounts payable concerns of IOFM members.
Accounts payable professionals recognize that they need to spend less time on transaction processing and more time on value-added activities such as spend management and cash flow analysis.
Otherwise, accounts payable risks being pigeon-holed as a tactical back-office function.
It is for this reason that more organizations are deploying electronic invoicing solutions such as NexusPayables. Electronic invoicing solutions automate the manual processes associating with receiving, capturing, validating, routing, posting, storing and retrieving supplier invoices. This frees staff (including you!) to focus on value-added activities that support corporate strategic objectives.