In 2023, Australian organisations reported nearly 5,000 scam cases, losing $29.5 million with small and micro-organisations hit hardest. Payment redirection fraud alone accounted for $16 million, highlighting the growing sophistication of scammers. With this in mind, here are the four of the biggest challenges Accounts Payable teams are facing at the moment: 1?? Cost per invoice: Processing invoices manually costs organisations an average of $15 per invoice. Delays in approvals can lead to: ??Higher resource costs ??Late payment fees ??Missed early-payment discounts ??Strained supplier relationships 2?? Accuracy and efficiency dividends: Paper-based, manual processes lead to errors, delays, and increased scrutiny, resulting in: ??Misplaced invoices ??Supplier strain ??Inaccurate financial statements ??Increased audit risk 3?? Transparency and reporting: Traditional processes hinder visibility, making invoice tracking, supplier queries, and monthly accruals more complex and time-consuming. 4?? Risk of fraud: Manual processes increase vulnerability to fraud. Automation can reduce these risks, improve accuracy, and enhance financial security. Streamlining your AP process through automation is crucial for protecting your organisation and improving efficiency. If you're ready to make the change or want to learn more about how Efficiency Leaders can help, visit our website ?? https://lnkd.in/gUEiNNh4 #Automation #Solutions #Efficiency #AccountsPayable
