10 Steps to an Efficient Vendor-Invoice Process
Managing accounts payable (AP) effectively is critical for businesses navigating an ever-changing economic and regulatory landscape. This guide outlines 10 actionable steps to help finance teams reimagine their end-to-end vendor-invoice process, identify inefficiencies, and implement best practices using automation. From auditing current workflows and assessing hidden costs to leveraging mobile approvals and enabling vendor self-service portals, each step is designed to reduce errors, cut unnecessary costs, and improve visibility. With the right AP automation solution, such as SAP Concur, companies can save an estimated 12 hours per week per finance and accounting team while freeing staff to focus on higher-value, strategic work.
In this guide, you'll explore
- Businesses processing 1,000 invoices per month can incur annual processing costs of approximately $34,881 — identifying these hidden costs is the first step toward savings.
- 53% of businesses want to free employees from mundane tasks so they can focus on strategic work, making AP automation a top priority.
- Companies using an invoice automation solution saved an estimated 12 hours each week per finance and accounting team.
- Certified Fraud Examiners estimate that organizations lose 5% of revenue to fraud each year — automated duplicate detection and flagging can significantly reduce this risk.
- 54% of companies believe flexible work is the new normal, making mobile invoice review and approval capabilities essential for keeping payment cycles moving.