More NewsPaper-reliant Businesses “Extra Vulnerable” in Tough Economic Times

Paper-reliant Businesses "Extra Vulnerable" in Tough Economic Times

Millions of working hours will be wasted in 2012 by a continued reliance on outdated manual data entry as accounts payable (A/P) professionals delay their purchase of automated document systems, AnyDoc Software has warned.

Jason Cropper, UK business development director at AnyDoc Software, said that while paper documents such as invoices, purchase orders and remittances were “comforting and familiar”, the inefficiencies and lost productivity associated with paper will make businesses even more vulnerable in an already uncertain economy.

“One of the key drains upon staff resources is the time-consuming and repetitive manual task of dealing with paper documentation,” said Cropper. “Most organisations recognise this, with recent research showing that the vast majority intend to implement automated invoicing at some point in the future. But while businesses are striving to reduce costs and inefficiencies today, most of them are only considering implementing automated invoicing in several years’ time. Given that automated documentation systems can bring a genuine return on investment [ROI] in as little as six months, these organisations are delaying the opportunity to make significant savings and making themselves even more vulnerable at this critical time.”

Cropper pointed to a survey conducted by the International Accounts Payable Professional (IAPP) earlier this year, which found that almost half (44.5%) or respondents intend to introduce automated invoicing “within two or three years”, while a further 25% say it will take them longer. Only 11% of those polled were already processing all payments electronically.

“Paper might be comfortable and familiar, but a medium-sized enterprise might handle more than a million documents a year,” continued Cropper. “Without systems such as data capture and workflow processes, which translates as thousands of hours a year spent by accounts staff on repetitive tasks that could instead be applied to more productive work.”

Related Articles

Infosys Finacle to power Santander UK’s international cash management system

More News Infosys Finacle to power Santander UK’s international cash management system

3w The Global Treasurer
Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

4m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

5m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

5m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

5m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

5m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

5m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

6m Tasja Botha