V1

Businesses Believe ‘Pen is Mightier’ As Just 5% Have “Fully Automated” Accounts Process

Businesses Believe ‘Pen is Mightier’ As Just 5% Have “Fully Automated” Accounts Process

Just 5% of UK small businesses describe their accounts payable (AP) processes as ‘fully automated’, with a majority still using pen and paper for invoice and non-payroll payments, according to a report by V1. Its survey of smaller enterprises revealed that 48% of all AP processes are still paper-based with only 47% semi-automated. However, there are signs businesses are beginning to change their ways – 58% said they plan to increase automation with a further 39% ‘considering’ doing so in the future. Businesses that still rely on manual intervention, for printing or posting documents etc, appear to be bearing the brunt of extra costs with labour payments amounting to 62% of total AP expenses. With regards to mobile AP, only 22% of those surveyed said theyhave the capability to perform... »