An efficient AP department means streamlined processes, reduced costs and faster processing time. This short quiz will help you determine how efficient your accounts payable process is and if invoice processing automation is for you.
1. Do you print out invoices received electronically so they can be processed as paper invoices?
2. How long does it take for paper invoices received in your mailroom to get to the AP department for processing?
A. More than 5 days
B. Less than 3 days
C. 24 hours
3. Do you rely on a large temporary staff to ensure invoices are processed on time?
A. All the time
B. At the end of the month
4. Do supervisors and managers need to stop their work to help close out the month?
A. Every month
B. Certain months
5. Can three-way matching invoices be processed and paid automatically?
6. Do you have automated matching of invoices to POs?
7. Does management have access to dashboards summarizing current AP status and performance?
8. How accurate is the data being entered into your ERP system?
A. Below 97% accurate
B. Between 97-99% accurate
C. More than 99% accurate
9. How long does it take to process an invoice?
B. More than 4 days
C. Less than 3 days
10. How much does it cost to process an invoice?
A. More than $10
B. $2 – $10
C. Less than $2
Your Next Step
If you got mostly A’s or B’s, accounts payable automation services can turn your AP department around. Call us at (888) 294-1965 to learn how invoice processing automation can improve efficiency and lower costs in your accounts payable department.Sign up for a free AP Demo