Accounts payable’s impact on the bottom line
A recent study conducted by Forrester Research on behalf of Basware, a provider of purchase-to-pay solutions, shows the significant impact that accounts payable can have on an organization’s bottom line. Representatives from 550 accounts payable departments located across the globe participated in the survey. On average, they processed 93,000 invoices annually, of which 6,000 or so contain errors. Forty percent of the invoices were based on purchase orders. The survey found that errors and inefficient processes within AP can cost real money. In the last year, just under one-third of survey participants had foregone early payment discounts, while 27 percent had incurred late payment fees. […]