According to the survey, 45 percent of UK companies cannot detect duplicate invoice payment and 37 percent admitted not being able calculate their total costs per invoice in order to identify potential improvements. In other words, there is an overall trend for companies wanting to do more with less, although the inability to get full insight into Accounts Payable (AP) team processes means directors cannot manage improvements. Finally, the study has found that the greatest challenges faced by surveyed AP departments are: keeping track of invoices (42 percent) and making payments on time (34 percent) – both of which can have a direct impact on the bottom line. At the same time, less than one in 20 invoices provides an early payment discount. The survey was conducted by Accounts Payable News (APN) and sponsored by Finnish e-procurement and e-invoicing software company Basware.
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