The Silent Killer in Your Finance Department
Picture this: Your accounts payable (AP) team are drowning in a sea of invoices. Each day, they manually enter data, cross-check numbers, and chase approvals. It’s a system you’ve used for years—so why fix something that isn’t broken?
Indeed, “it is broken”.
Manual AP data entry is quietly bleeding your business dry. It’s costing you time, money, and effort—and the damage isn’t always visible, hence most businesses keep ignoring it. Today, let’s pull back the curtain and reveal the hidden cost of doing nothing in your AP department.
The Real Cost of Manual AP Processing
1. Delayed Time: Your Team Deserves Better
Your AP team spends hours entering invoices manually. What if they could reclaim that time? Automated invoice processing eliminates tedious manual data entry, freeing up your team to focus on high-value tasks like financial strategy and vendor negotiations.
Did you know?
• An average company takes 10 days to process a single invoice manually. With automation, it can be done in minutes.
• 45% of AP professionals claim manual invoice processing as their biggest challenge.
2. Human Errors: Small Mistakes, Huge Consequences
Typos, missing decimal points, duplicate payments—sounds familiar?
Errors in AP processing leads to financial leakages. One incorrect digit can lead to thousands lost in overpayments or compliance fines.
Invoice automation software ensures accuracy, using OCR (Optical Character Recognition) and AI-driven invoice matching to eliminate human errors.
Reality check:
• 82% of businesses experience invoice fraud due to manual processes.
• On average, companies overpay vendors by 1.2% due to invoicing errors.
3. Late Payments: The Silent Reputation Killer
Delays in manual AP processes result in missed payment deadlines. And when you pay late, vendors lose trust. Automated payment processing ensures on-time payments, saving you from late fees and strained relationships.
What’s at stake?
• Late payments cost US businesses $3 trillion annually.
• Companies paying late lose out on early payment discounts of 2% or more.
4. Compliance Nightmares: Are You Audit-Ready?
Paper-based invoices, missing approvals, lack of audit trails— these are compliance disasters waiting to happen. Accounts payable automation provides a digital paper trail, ensuring transparency and compliance with financial regulations.
Why this matters:
• SOX, HIPAA, and IFRS regulations require accurate financial reporting—manual errors can lead to legal trouble.
• 75% of companies admit to struggling with AP compliance due to manual processes.
The Future is Automated – Are You Ready?
At Tao Automation, we help businesses transition from outdated manual AP processes to a seamless, AI-driven invoice automation system. The result? Faster processing, reduced costs, and a finance team that loves their job.
Book a free demo today and take the first step toward transforming your AP department.
Your business deserves better than manual data entry. The future of AP is here—don’t get left behind.
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