Survey: 61% of Financial Invoices Still Paper-Based

Roughly 61 percent of invoices in accounts payable departments worldwide are still paper-based, according to a survey from The Institute of Financial Operations and Brainware.

The survey, which had 551 respondents, looked at the AP automation within several global business sectors. Nearly 80 percent of the respondents were from North American-based companies, and healthcare respondents made up 18.3 percent of the survey. Other findings of the survey include the following:

•    More than 80 percent of respondents reported that automation technology in their AP departments resulted in faster invoice processing cycle times.
•    Roughly 25 percent indicated it takes their organization more than 15 days to pay an invoice.
•    A lack of money and a lack of resources were the most common reasons why organizations have not implemented automated data capture technologies.

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