Follow on Google News News By Tag Industry News News By Location Country(s) Industry News
Follow on Google News | New Research Finds 50 Percent of Businesses Are Missing Out on Automated Payment Processing BenefitsIndustry Research from AIIM and ASG Software Solutions Reveals the Business Setbacks of Using Manual Versus Automated AP/AR Processing
Of the 50 percent of companies still using paper-based processes, one-third use them for more than 25,000 invoices each month – an astounding number to handle manually. Not only is this costly and time-consuming, but the inability to monitor an invoice’s status leaves organizations vulnerable to human error, compliance violations, and damaged customer and vendor relationships. For AR departments, reduced write-offs associated with goodwill and bad debt can delay cash flow, evident by the 20 percent of respondents who claim they are losing 3 percent or more of invoice-able income due to issues including short payments, late payments, out-of-discount claims and tax disputes. “A business simply cannot function without a payment system. And yet, they are thought of as an unavoidable overhead and are commonly one of the last business processes to be updated,” said Doug Miles, director of market intelligence for AIIM. “In addition to the efficiency, transparency and cost benefits it offers, an automated payment system meets the demands of today’s changing business environment, which include a rise in PDF invoices, thereby making it easier to remain ahead of the curve.” Unlike other one-size-fits- “In today’s competitive business landscape, not being able to collect payments from customers in a timely manner is detrimental to an organization’ Additional Findings: · After the adoption of an AP solution, the reduction in invoice processing costs was reported at an average of 29.2 percent · Nearly half of all AP implementations were completed in six months or less · 41 percent of AR system users report a payback time of nine months or less To view the “Automating Financial Processes – User Feedback on the Real ROI” report and research results, please visit: http://bit.ly/ About ASG Software Solutions ASG Software Solutions connects sophistication and experience with agility and technological efficiency, through its vendor-agnostic cloud, content and systems solutions. ASG helps companies solve today’s most pressing business issues, including everything from reducing operating costs and enhancing workforce productivity to ensuring regulatory compliance. With customers like American Express, Coca-Cola, GE, HSBC, IBM, Lockheed Martin, Merrill Lynch, Procter & Gamble, Sony, Toyota, Verizon, and Wells Fargo, ASG can proudly say that more than 70 percent of global Fortune 500 companies trust it to optimize their existing IT investments. Founded in 1986, ASG Software Solutions is a global company headquartered in Naples, Florida, USA, with more than 1,200 employees. For more information, visit www.asg.com or find us on Facebook (https://www.facebook.com/ About AIIM AIIM has been an advocate and supporter of information professionals for 70 years. The association's mission is to ensure that information professionals understand the current and future challenges of managing information assets in an era of social, mobile, cloud and big data. Founded in 1943, AIIM builds on a strong heritage of research and member service. Today, AIIM is a global, non-profit organization that provides independent research, education and certification programs to information professionals. AIIM represents the entire information management community, with programs and content for practitioners, technology suppliers, integrators and consultants. See more at: http://www.aiim.org/ End
Account Email Address Account Phone Number Disclaimer Report Abuse
|
|