Value of AP Automation - A Story of Financial & Human Benefits
It's widely know that accounts payable automation can streamline invoice processing and vendor payments, but the value of AP automation goes beyond financial benefits. Let's look at a hypothetical story to explore the financial and human value of digitizing vendor invoice processing and streamlining payments.
A Story About AP Automation Value
An accounting director for a small business is growing increasingly frustrated with a sluggish paper-based vendor invoice process that’s costing about $9 per invoice. They want to save time and costs, but more importantly, they want to find more joy at work by eliminating a major pain point.
It's time to find a solution to digitize vendor invoice processing and the entire accounts payable process.
The accounting director implements an AP automation solution with integration to ERP. Their new system includes the following:
- 1,000 Monthly Invoices
- Optical Character Recognition (Data Capture)
- 3 administrator users
- 20 approvers
- 2 approvals per invoice
Based on this case, Fidesic's ROI calculator says the company’s average cost per invoice would drop to just $2.28 almost a 75% decrease. The company would also save 275 hours and about $6,600 per month.
The Human Value
With lost invoices, stalled invoices and frequent errors, the accounting director was often stressed out, particularly at month-end closing time. Finding joy in their job became increasingly out of reach.
- By eliminating these problems with AP automation, they are able to eliminate a significant pain point in their job.
- Now with the ability to work remotely, the team is able to avoid traffic and improve their work-life balance.
- With time saved, they are able to find more joy in their jobs
Predict Your Savings Using Our Free AP Automation ROI Calculator