Lexmark International has revealed findings from new research that accounts payable (AP) staff spend more than half their time performing manual data entry.
Conducted in collaboration with the Purchase to Pay Network (PPN), the study highlights that respondents feel pressured to enter data accurately and adhere to payment schedules but are struggling to meet deadlines. Also they lack the tools necessary to automate the accounts payable process, to meet back office demands.
David Powell, Senior Vice President, Lexmark Enterprise Software said, “time, resources and manpower spent on manual processes related to invoicing is wasteful. The results of the PPN Survey on P2P clearly demonstrate the need for businesses to automate their AP processes to improve back office productivity and reduce costs. In an increasingly globalised marketplace, automation is no longer a luxury – it is a necessity to give businesses a competitive edge.”
According to 53 per cent of respondents, the average payment is made between 30 and 60 days, with only five per cent paying between 10 and 20 days to take advantage of prompt payment discounts. Lexmark believes that organisations are missing the benefits afforded by AP automation, as late payments can affect cash flow and the ability to optimise business operations.
The survey also disclosed that 34 per cent of respondents do not or cannot calculate the cost to process an invoice, meaning more than one-third of organisations continue to operate without fully understanding their level of operational efficiency.
The PPN Survey on P2P is available now and can be downloaded at: http://www.financial-process-automation.co.uk/solutions/capture/invoice-processing-on-premise#cta-destin-130