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2015 in Review: How Much You’ve Spent on Accounts Payable

2015review

Looking back at 2015, ask yourself this: How much time has your finance team cumulatively spent on accounts payable in the past year? A few hours? A Week?

If the time your team spent is in line with industry averages, it was much more than that.

A recent study of 832 companies by APQC found that companies are spending almost half their time on transaction processing. Think about what that means – it’s the equivalent of spending Monday morning through Wednesday afternoon processing invoicing, paying bills, and taking care of other general accounting work.

So, how can a finance team properly support corporate strategy plans if its spending that much time entering invoices and making sure bills are paid on time? By automating your business’ accounts payable (AP) process. With an automated solution there is no need to tediously enter invoice data into your accounting platform, chase down signatures from your CFO, or stuff checks into envelopes. Moving away from paper is key to processing transactions quicker, more efficiently and with less errors.

Don’t believe us? Take a look back at what our customers have saved this past year:

  • Frey Pet Hospital is a leading veterinary clinic who wanted to cut costs and reclaim time to spend on delivering quality pet care. The hospital is saving thousands of dollars annually by eliminating the need to print checks and purchase stamps and envelopes. Read their story.
  • Bluesnap is a growing payments company with a CFO who is always on the go making automation a need-to-have, not a nice-to-have. By automating accounts payable, their finance team has re-allocated over 100 hours each year to more strategic planning. Read their story.
  • Quickfire Restaurants needed to find a simple and efficient solution to pay their vendors across three separate locations. Now, their CFO spends under one hour every week on multi-entity invoicing. Read their story.

Are you ready to make the move to AP automation? Visit www.mineraltree.com and request a demo today!

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