Weak Financial Processes Hit Global Business Profits
Accounts payable teams missing early payment discounts, incurring late payment fees and reneging on payment, largely due to human error, Basware study finds
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"Far from Error-free"
"Wild" Processes
here
About the Research
- Has 11 full time employees involved in A/P invoice processing
- Processes 93,000 invoices per year
- Takes 18 days to process an invoice (receipt to payment)
- 12 percent of invoice handling time is spent managing exceptions
- One in five (19 percent) of incoming invoices are e-invoices
- 7 percent of incoming invoices contain errors
- 58 percent of incoming invoices are based on POs
