It takes between 4.1 and 16.3 days for companies to process an invoice from receipt through payment approval, according to a research report by technology services company Aberdeen Group.
This time effort might not really come as a shock, though—especially for companies and their employees who experience the manual effort still involved with processing invoices on a day-to-day basis. In fact, a study by Canon Business Process Services suggests that more than half of all invoice processing requires at least 76% manual input.
In times of increasing digitisation and automation, these numbers reveal that companies are missing out on possibilities for making their finance and accounting departments more efficient. By automating invoice processing through RPA, companies can automate data input, error reconciliation, and some of the decision-making required by finance staff when processing invoices.
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