Better late than never, but not by much.
Slow invoice processes put payments off and suppliers on edge.
Late payments not only look bad, they are bad. So how do you know when to pay—especially when cashflow, supplier relationships, and your reputation are on the line.
Nearly half (45%) of supplier payments are late.
72% of businesses are okay with that.
Can I get a discount with that?
4 out of 5 suppliers offer early-payment discounts.
98% of businesses say they want to take advantage of these offers.
But only 2 of 5 discounts get used.
What’s the holdup?
Invoice processing and approvals take too long, and that delay trickles down onto suppliers.
- 23 days – the average amount of time it takes to approve payments.
- 5 hours a week – time spent responding to invoice inquiries.
- 32% – finance professionals who say they can’t close their books on time and that paying suppliers is the biggest challenge.
Let’s cut a work week out of the process.
AP automation is the answer:
Companies with fully integrated automation have reduced invoice processing time
from 6 days to 1 day.
What’s the answer?
To get ahead of payments and beyond basic automation, visit medius.com.