Research Brief: Exploring the Invoice-to-Pay Process
It is clear from the survey results that AP departments have a love-hate relationship with paper. While most (75 percent) express an interest to become “paperless,” finance teams continue to be the keepers of the papers, housing wall after wall of filing cabinets. And while many executives report receiving one or fewer pieces of postal mail weekly, AP departments receive multiple pieces daily. On top of that, in a recent survey by MSDynamicsWorld.com, 60 percent of accounting organizations report still receiving invoices via fax.
It is also interesting to see how much bill paying habits diverge when looking at how finance executives pay their personal bills at home versus how they pay their business bills at work. Many haven’t written more than a couple of a paper checks at home over the past year, but do so in every payment run at the office.
Finally, finance teams report very different levels of credit card usage between home and the office. While many routinely hand over their credit card when making personal purchases, happy to rack up the rewards and cash back, credit card usage for AP payments is significantly under leveraged.
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