From time spent digging for missing documents and rectifying errors to manual reconciliation of invoices, there can be an overwhelming amount of manual work for the accounting team without the right tools. As a result, AP teams can easily find themselves working 80-hour weeks, missing weekends, and family time to ensure they don’t fall behind.
Recent research by Levvel indicates that many organizations are getting it wrong when automating accounts payable. For example, as many as 65% of teams receive invoices digitally yet print them out to re-enter the details into their system. Consequently, this ineffective working method leads to further mistakes, millions of dollars in wasted resources, and diminished employee engagement.
Manual processes eliminate workplace joy, especially for teams with limited resources. However, by partnering with the right technology vendor, AP teams can free up to 84% of their time on AP-related tasks.
With AI for accounts payable, OpenEnvoy offers customers unparalleled time savings and efficiency.
From automated matches, easy-to-use workflows, custom rules to support unique use cases, and approval chains that connect directly to the bill payment network, customers can leverage OpenEnvoy to unlock new growth opportunities.
These benefits have proven particularly valuable for a small finance team operating in the Broadcast Media space. Before partnering with OpenEnvoy, the team of five spent countless hours sifting through the thousands of variable cost invoices they received monthly. Due to the lack of standardization across vendors, most invoices required manual review and reconciliation.
By leveraging OpenEnvoy, the team now saves up to 500 hours per month by offloading manual invoice reconciliation. As a result, they get through everything far more quickly and accurately and can redirect their time to more sophisticated reconciliation and technical projects.
Want to hear more about our customer success stories? Discover how one customer captured 32x ROI in just 3 months!
Get your finance team working faster with a flexible technology provider. Schedule a demo with an OpenEnvoy expert today, visit https://openenvoy.com/contact-us/.