Processing invoices is time consuming and costly. The average business requires 14.1 days and approval from two to five people in order to process a single invoice. It may even take more of each when invoice payments are particularly large or nonrecurring. It is easy...
There is no standard onboarding process, so businesses are largely free to design their own. Most firms cover the basics, by collecting suppliers’ names and addresses (72.5 percent do this) and credit information (65.9 percent). Still, others use onboarding to verify much more specific information,...
They’re slow. They’re cumbersome and expensive. They open the door for fraud. For all their drawbacks, why do paper checks persist in accounts payable? PYMNTS recently surveyed accounts payable (AP) executives’ satisfaction rates with their payment technologies for the latest Payables Friction Playbook and found...
Accounts payable (AP) professionals often use established — if unsatisfactory and possibly outdated — payment methods, mostly because that’s just the way it’s always been done. According to the July Payables Friction Playbook, paper checks are AP departments’ seventh-favorite way to pay suppliers — 63.5...
October 09, 2019
The old adage is familiar: The light at the end of the tunnel could be daylight — or another train headed one’s way. When it comes to invoicing, micromanagement stands in the way of corporate progress, and is the false light at the end of the tunnel. Nowhere is that more apparent than when the […]
July 22, 2019
They’re slow. They’re cumbersome and expensive. They open the door for fraud. For all their drawbacks, why do paper checks persist in accounts payable? PYMNTS recently surveyed accounts payable (AP)...
