Several businesses have started automating their accounts payable (AP) processes. However, talking of the actual scenario, numerous companies have not yet adopted AP automation. They still prefer using paper receipts and invoices for payments. So, although AP automation is becoming popular, why are businesses still hung up on using paper checks?
Yes, indeed, paper checks are still popular! Here’s why:
A study in 2013 by the Pew Research Center showed that 54% of young adults (18-29-year-olds) opt for online banking, while 40% of adults aged 30-49 years and only 14% of adults aged 65 years prefer online monetary transactions. AFP (Association for Financial Professionals) survey showed that approximately 77% of financial fraud commits using paper checks. According to the AP Automation report, invoice automation can reduce costs by 81% and increase efficiency by 73%. Applications like GetMyInvoices import invoices from multiple sources like Amazon and over 10,000+ portals, which reduce manual waiting time, and delays in getting invoices from all your partners.
Let’s have a quick discussion about some of the key benefits of automating invoice processing:
Although paper checks are trendy and seem to promote a sense of security and reliability, there are grave repercussions and drawbacks to using paper checks. Try GetMyInvoices for digitization of paper-based AP processes and later move ahead to paperless processing across your organization. The characteristics of invoice automation prove to be more reliable, efficient, cost-effective, and flawless, especially when done through effective software.
So, what would your business opt for among others? The answer lies within!
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See the benefits of automated invoice management:
Better overview. Less accounting work. More time for your ideas.