Business Case for Invoice Automation: Costs and Benefits

Accounts payable is more important to the business than ever before. Besides processing invoices and entering massive amounts of financial data, there is so much more value today’s finance teams can offer. From reporting and analysis to negotiating better deals, finance has access to data that can make a real difference. Does your business have the insights it needs?  

In this blog, you'll learn about the hidden costs and risks of manual invoicing and explore how automation can streamline accounts payable processes, reduce errors, and combat fraud. Discover the advantages of mobile solutions for invoice management and gain insights into key steps for enhancing financial visibility and control.  

The High Cost of Manual Invoicing  

Manual processes can keep AP teams from focusing on higher value tasks and can hide significant costs. Consider these facts:  

• The average AP organization spends $9.40 to process a single invoice  
• The average AP organization takes 9.2 days to process a single invoice  
• It costs AP departments with no automation and inconsistent processes four times as much to process an invoice as departments with end-to-end automation and consistent processes  

Additionally, fraud and inefficiencies tied to manual processes can create hidden financial risk. 62% of organizations report experiencing financial losses from fraud within the last three years.  

Invoice Automation Reduces Errors and Fraud  

Whenever people are involved, mistakes can happen. This is one reason many AP teams are shifting towards automation. 78% of AP departments increased their ePayments made last year.   

At the same time, fraud is no longer a rare occurrence. 19% of organizations experience fraud frequently and 33% encounter it occasionally, making it an ongoing operational risk for AP teams.   

Manual processes also make it harder to catch issues quickly. Only 51% of organizations say they can immediately recognize AP fraud within their current systems. 36% of organizations report using no technologies or tools to detect or prevent finance fraud, highlighting a significant gap that automation can help close.  

This is where Concur Invoice comes in. Being fully automated means all invoices, processing, approvals, and communications happen through invoice management software. When your invoices are accurately captured and your financial data is correct, you can easily pull reports and get the visibility you need to make smarter, more strategic business decisions.   

Want to see how Concur Invoice can help streamline your AP process? Learn more about how Concur Invoice works here.  

Managing Invoices on the Go  

With mobile quickly becoming the new standard, your employees don’t want to wait until they get back to the office to sift through inboxes and mail trays to find invoices. Enabling them to review and approve invoices on the go from mobile devices not only expedites the payment cycle, but also creates a more user-friendly experience. You can even combine spending, like expenses and travel, so you can manage everything from one convenient app. All of this is available through the Concur mobile app.  

Initiate the Change to Better Financial Visibility  

Fully automating your AP system can help you cut costs, gain insight and boost employee satisfaction.  As organizations look ahead, many are prioritizing smarter technology. 33% are already using advanced analytics and 22% are leveraging AI to detect and prevent fraud, reinforcing the role automation plays in modern finance operations.   

Learn how to gain better visibility into your current system and steps to take it to the next level with this eBook: A 10-Step Guide to an Efficient Vendor Invoice Process. Making this shift today takes you one step closer to better financial visibility and more control over your invoice processes.