The Accounts Payable (AP) function has evolved far beyond simply processing transactions
AP is now a strategic part of finance, closely tied to vendor relations and cash flow. AP departments play an important role in long term growth potential.
However, despite advances in technology, nearly 80% of supplier AP invoices are still manually processed. This is highly inefficient. Organizing and sorting invoices, re-keying information, reviewing, manually coding, and verifying against purchase orders before seeking approvals – all of this is time-consuming, exhausting, expensive, and prone to error.