By Ray Emirzian, Vice President of Operations & Product Management, docSTAR
Have you made any resolutions for your business? Perhaps regional recognition as a best place to work or a plan to improve your company’s social pulse? Like many organizations, topping the list is fiscal prudence and improving corporate profitability. Since these resolutions are usually related to spending less and saving more, it’s important to first understand how your business is spending or allocating resources. A common business process that is generally labor intensive is accounts payable (AP) invoice processing.
According to a 2013 Aberdeen Group study, the industry average invoice cost is $9.60. This study also shows that it takes an average of 8.8 days to process an invoice from receipt through approval for payment, creating a 42.7 percent capture rate for early payment discounts.
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