Industry News
All businesses have to process invoices as part of their accounts payable requirements. As purchase bills incurred from vendors and suppliers, invoices represent an important part of the supply chain. If they are not paid properly or on time the business risks facing late payment fees, a ruined relationship with their vendors, and the cost of rectifying the mistake or delay.  According to an Aberdeen Research report released in May 2009, 75% of businesses still process invoices manually on paper. This means that a large majority of organizations still have to contend with all the costly inefficiencies of manual data entry.

Studies estimate that the cost of processing paper invoices through manual means can range anywhere from $20 to $60 per invoice, which would amount to a huge total cost given the quantity of invoices that need to be processed. Businesses will also spend an average $120 in labor costs searching for misplaced invoices and files. These numbers are a testament to how inefficient and costly paper invoice processing is. Invoice processing software  is the alternative to paperwork, being able to automate the entire accounts payable process.

The software is capable of identifying the data and fields on invoices and then extracting them digitally. Paper usage is eliminated, the accounts payable process is streamlined, and the business lowers internal cost. Many businesses that have implemented invoice processing software  have found that their efficiency and productivity become improved.