It's time to see the error of your ways. Nobody’s perfect.
That is especially true of businesses that process invoices in a manual or semi-automated environment.
Nearly one-in-five invoices received by businesses that operate a manual or semi-automated AP environment result in an exception, per Ardent Partners.
There are myriad reasons for exceptions, including: wrong price, wrong quantity, missing tax amount, missing tax identification number, no requester name, no contact information, no contract and/or purchase order, missing purchase order number, no shipping notice, incorrect net amount, and more. While some exceptions are unavoidable, full AP automation can eliminate most of them, and significantly streamline the resolution of any exceptions that result from processing supplier invoices.
Validating invoice data and matching invoices to related documents is a costly and time-consuming process in a manual or semi-automated environment. The problem is compounded when invoice errors are detected late during the approval cycle. And without full automation, resolving exceptions typically involves more manual keying and multiple handoffs and back-and-forth e-mails and phone calls to identify and resolve the cause of the exception, which delays approval cycles (resulting in late-payment penalties and missed early-payment discounts). Making matters worse, exceptions can languish on desks or in e-mail boxes awaiting approval/resolution. Manual and semi-automated processes also are not foolproof, meaning that exceptions and errors can slip through the cracks.