Invoice Automation Software: Time to Go Paperless in 2021

Automated invoice processing is a way of extracting invoice data, populating the information in an accounts payable system, and processing invoice data for accounts payable using automation software. Effectively used, automated invoice processing saves a company’s AP department time and money.

Invoice Automation Software

Invoice Automation Based Industries:

  • BFSI
  • Manufacturing
  • <span”>Healthcare
  • Retail & Consumer Goods
  • Education
  • Transportation and Logistics

Invoice Automation Market by region:

  • America
  • Europe
  • Asia Pacific
  • Middle East & Africa

Based on Organization Size:

  • Small and Medium-sized Enterprises
  • Large Enterprises

Invoice management software

  • Invoice management software saves time & resources for organizations – 50%
  • Automation can cut costs by 81% 
  • Improve efficiency by 73%

Global AP automation market size

  • Global AP automation market size in 2019 – USD 1.9 billion
  • Global AP automation market size expected to reach in 2024- USD 3.1 billion by 2024

Several sizable barriers exist that hold AP back

  • Too much paper – 40%
  • Exception Rate – 62%
  • Lengthy invoice approval times – 51%

Rise of Electronic Invoices

  • Electronic invoice processing – 45 % in 2018
  • Electronic invoice processing – 66 % in 2020
  • Electronic invoice could rise to more than – 70 % in 2021

Invoice Technology reduces the stress levels

  • 78 % of respondents said new automation technology helps in reducing stress levels
  • Reduction in manual efforts – 100%
  • Reducing overall costs by – 60%

AP Invoice Automation Reduces the Cost

  • Implementing an AP automation solution reduces the hard labor cost of invoice processing by – 78%
  • Improving your AP clerk processing rate without automation – 5 invoices/hr
  • Improving your AP clerk processing rate with automation – 30 invoices/hr

Business losses due to manual invoicing

  • Companies experience lose due to human error – 27.5 %
  • Companies rely on manual data entry process – 80 %

Invoicing Without Automation

  • <span”>36% of firms using paper invoicing
  • 47% relying on manual processes
  • 49% of payments made by cheques

Problems caused due to AP exceptions on invoices

  • 32% of all late payments 
  • 36% of all supplier related phone calls

Need more time

  • 54% of businesses said invoices were being sent to the wrong place
  • 36% said they were concerned with late payments due to process delays

Benefits of Automated Invoice Processing

  • Cut down the error rates
  • Speeds up the approval process 
  • Reduces duplicate invoices & payments
  • Slashes the costs of manual invoice processing
  • Improves the relationship with vendors
  • Better to secure early-payment discounts and avoid making late payments

Solutions For Better Workflow In  Invoice Processing

  • Adopt paperless AP processes
  • Reduce delays and eliminate process bottlenecks
  • <>Streamline exception processing
  • Ensure consistent, controlled AP processes
  • Reduce late payment penalties

Success level of  implementing automation

  • Improvement in the overall processing time – 90%
  • Achieved data accuracy – 100%
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