If you have not already read this report from Aberdeen Group, it is a must-read. We can't cite all the numbers because you have to access the report yourself, but the press release has some great stats:
- Best-in-class organizations that automate A/P lower invoice processing costs by 83%!
- Invoice processing times are 80% faster than their peers!
We often get asked how Bill.com is different than online bill payment. An earlier post addressed some of the challenges of trying to do business bill payment with consumer tools. But even then, the real point here is that it is not enough to automate or go paperless for just the payment. A/P (or business bill payment) involves numerous steps including bill receipt, approvals, reconciliation, exception processing, and payment. And there are costs at every step. Best in class organizations (large and small) need to automate the entire process not just the payment.
