If you are an SME, this picture may be familiar to you. Knowing that tools for accounts payable (AP) automation are designed for large enterprises - those with an annual revenue of more than USD $100 million - you have found a makeshift solution instead. This might involve tools such as spreadsheets, manual inputting and online document management systems. You have patched together a series of accounts payable processes designed to tackle specific pain points, such as the amount of time spent on data entry, but what you lack is one overarching, integrated solution.
If you recognize this scenario, you are not alone. A study shows that 86% of SMEs – those with an annual revenue of between USD $1 million and USD $100 million – rely on manually processing invoices. That finding came from a research paper by , Mature Accounts Payable for the Small and Mid-Size Enterprise. The researchers also discovered that tools that automate AP are now available for SMEs. And they found there are that adopt these tools. These businesses will enjoy tighter controls, streamlined approvals, strategic payments, and real-time access to transactional data. Finance professionals will ultimately be able to make better and more informed decisions for their organization’s bottom line.
Researchers have analyzed the effectiveness of various AP management strategies used by SMEs and identified some typical challenges and stumbling blocks. Calculate your organization’s AP maturity level and find out how you can take it to the next stage.
