As Halloween approaches, it's not just the ghosts and ghouls that give us a fright. For Accounts Payable (AP) teams, the daily challenges they face can be as terrifying as any horror movie. In the spirit of the season, let's delve into the five spine-chilling nightmares that haunt AP teams year-round.
1. The Nightmare of Manual Processes
Picture this: backlogs of invoices, endless verification of OCR maps and OCR “read” errors, and a labyrinth of spreadsheets. AP teams are haunted by the specter of manual processes that drain time and resources. OCR and other manual processes not only invite errors but also slow down the entire payment cycle time, leaving AP professionals feeling trapped in a never-ending nightmare.
Indeed, 69.85% of all invoices require manual resolution by accounts payable. But fear not, with Transcepta, you can automate your AP process end to end. Read on to learn more.
2. Invoice Approvals Drag on Forever
One of the most frightening scenarios for AP teams is when invoice approvals get stuck in a never-ending loop. Delays in approvals can lead to late payments, disgruntled vendors, and late payment fees. The fear of invoices languishing in the approval abyss keeps AP teams awake at night. Fret not, we've got your back! With Transcepta, your invoices will be automatically routed for approval according to your company's organizational structure, budget authority, and predetermined approval thresholds. Rest easy knowing that your invoice processing is optimized for efficiency and accuracy.
3. Staggering Percentage of Invoice Exceptions
Invoice exceptions are like monsters hiding in the shadows, waiting to pounce. AP teams fear the sheer volume of invoices that deviate from the norm, requiring special attention and manual intervention. These exceptions can lead to confusion, delays, and additional costs, casting a dark cloud over the efficiency of AP operations. Finally, you can say goodbye to the frustration of invoice exceptions with Transcepta's advanced platform that completely automates PO matching and GL coding. The Transcepta Platform enables your suppliers to resolve invoice exceptions before they appear in AP.
4. Missing Early Pay Discounts
Missed early pay discounts are the specter that haunts both AP teams and suppliers alike. When AP teams struggle to keep up with early payment schedules, it can damage profit margins and lead to cashflow problems for suppliers. The fear of falling behind on early pay discounts is a constant source of anxiety for AP professionals. You are not alone! In 2023, it took 10.9 days on average to process an invoice. Yet again, Transcepta is here to help. We empower AP teams to ditch the manual grind, accelerate invoice approvals, and achieve full transparency across the entire AP process, enabling complete control of your cash.
5. Headaches Caused by High Invoice Processing Costs
The financial woes caused by high invoice processing costs are enough to make anyone's blood run cold. AP teams are often burdened by the exorbitant costs associated with manual processes. The fear of these escalating costs is enough to keep even the bravest AP professionals up at night. Did you know that the average cost to process an invoice is $10.18 and growing? Well, here's some great news! You can slash your invoice processing expenses by a whopping 76% using the power of Transcepta AP Automation.
This Halloween, as we embrace the spooky season, let's not forget the fears that haunt our dedicated AP teams year-round. Fortunately, just as heroes in scary movies find a way to conquer their fears, AP teams can overcome these nightmares. By embracing automation, streamlining approval workflows, and implementing efficient processes, they can banish these terrors and turn their horror stories into success stories. So, here's to a less frightening future for AP teams, where they can focus on treating themselves to efficiency and cost savings rather than being tricked by their fears.