Image credit: Vasilis Caravitis on Unsplash
Longer hours, increased workload, extra responsibilities, and higher invoice volume levels are contributing to employee burnout on AP teams. 😣
These were some of the findings in an IOFM survey from 2022.
AP clerks process five manual invoices on average per hour (12 minutes per invoice). This includes data entry, proofing the manual entry, and correcting any mistakes.
Complex invoices can take significantly longer, particularly if AP clerks need to chase documents and do a lot of back and forth with project managers and suppliers.
But the pace of inbound invoices can be unrelenting. Hundreds per day for a small AP team of two or three people. 👀
Add to that account reconciliations, managing employee expense reports, answering vendor inquiries, assisting with monthly closing activities, providing support during audits, working on new internal accounting projects, training new hires, resolving invoice issues, generating reports, and more.
“Among those AP professionals that are burned out, nearly one in four say they are considering leaving their current organization,” according to the IOFM survey.
And “more than one in five AP staff also report they are approaching retirement age in the next five years.”
👉 AP teams can use AI-enabled accounts payable automation software to reduce the chronic imbalance between workload pressure and understaffing and process up to 16x more invoices per FTE than teams that have little to no automation.
Repetitive invoice entry tasks, document matching, and GL coding can all be automated, freeing up employees to focus on more creative and challenging aspects of their work. ⭐️
Reduce the costs and human toll that burnout is having on your organization.
Contact us to learn how to manage increased AP workloads with Contexture AP Automation.
Another example of how Contexture and AI are making life easier for Accounting departments and solving business problems.
Learn how AP teams in the construction industry are using AI-powered AP Automation solutions to automate invoice data entry and PO validation and free up time for higher-value accounting projects.
A flexible AP automation solution provides the flexibility of "planes, trains, and automobiles" to ensure you arrive at your destination.
Have you ever experienced the exhilarating feeling of driving on the Autobahn in Germany? That's a good analogy for what it's like to use AI and machine learning to automate invoice processing.
