On average, 58% of invoices are still manually keyed into financial systems, according to a report from the Open Standards Benchmarking Survey on Accounts Payable and Expense Reimbursement-- American Productivity and Quality Center (APQC), a non-profit business benchmarking and research firm.
Almost one-quarter of companies (24 percent) cite too many competing projects as the primary obstacle to automating the P2P process. Other top barriers include a lack of capital funding (17 percent) and limited IT resources (12 percent)-- Institute of Finance & Management (IOFM)’s 2015 Accounts Payable Survey
40 % of businesses identified improving AP and reporting as their top priority-- According to a survey by Ardent Partners
The average cost to process an invoice is $15.96 by worst performing companies, $10.04 by average performing companies, and $2.94 by best performing companies-- According to a survey by Ardent Partners
The average time to process an invoice is 17.1 days by worst performing companies, 12.2 days by average performing companies, and 3.9 days by best performing companies. “Companies using paper take almost 4 times more to process and in invoice”-- According to a survey report by Ardent Partners
Nearly one-third of businesses plan to adopt P2P technology that runs on cloud-based, Software-as-a-Service (SaaS) platforms, according to IOFM’s research. The benefits of cloud-based P2P processing include reduced capital investment, less IT involvement, no hardware requirements, low or zero up-front costs, faster deployment, & reduced risk
Invoice Stream is a Software as a Service (SaaS) Procure To Pay (PTP) network, hosted in the cloud that facilitates Buyers and Sellers to exchange electronic data in a minimal cost-sharing model