In the corporate world, many companies receive critical discounts from their vendors by paying their invoices early. Should the invoice be sufficiently large, one missed discount by an accounts payable clerk can offset months of small, positive gains.
Imagine a technological solution that greatly reduced the chances of a missed discount ever happening.
Automation carries a wide range of benefits for businesses. As illustrated in the following infographic, some of the benefits from automation revolved around improved accounts payable operations.
It was found that automation in accounts payable operations increased productivity by 30 percent. Automation also reduced the cost per invoice by up to 60 percent.
After all, a human accounts payable clerk can only handle so many invoices per hour on his or her own. Instead, machines are able to do most of the work automatically, with the accounts payable clerk functioning in a supervisorial role. That way, the discounts can keep on coming.
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