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Paper-based Finance Processes Stunting Business Growth In The UK

A new survey by Accounts Payable News (APN) has highlighted that a significant amount of UK companies have not realised the benefits of automated invoice payment process (e-invoicing) and are being held back by paper-based financial processes. 

Out of the companies surveyed, issues highlighted included keeping track of invoices (42 per cent), unable to detect duplicate invoice payments (45 per cent), unable to calculate total costs per invoice (37 per cent). 

Ellen Leith, Managing Editor at Accounts Payable News said: “It’s clear that for many, AP operations remain opaque and that despite some improvements (particularly in terms of centralising functions), this lack of clarity equates to missed opportunities. The key challenge to solution providers targeting this problem will be to demonstrate clear and tangible ROI.”

By switching to automated invoicing and payment processes, businesses can benefit from the following - 

  1. Eliminated paper handling costs such as production, posting and handling
  2. Real-time data allows for better insight into invoices
  3. Improved growth possibilities thanks to quicker invoice processes
  4. Better dispute resolution as all information is quickly available to hand with no delays via emails, fax or letters
  5. Easy to read e-invoices allow customers to make swift decisions about their financial position and whether they want to increase/decrease spend
  6. E-invoicing allows companies to reduce their carbon footprint
  7. Allows companies to receive international payments more efficiently

The Open Payment System online payment solution offers businesses the opportunity to automate various processes, so that they can receive payments on time whilst gaining full insight into invoice payments. 

Want to find out more? Contact our client services team on  info@openpaymentsystem.com