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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Basware





"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


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