Accounts Payable Departments Improve Cash Management by Going Paperless, with Insight from The Aberdeen Group and Metafile
"Invoice Receipt & Workflow," the latest in a series of e-Payables Benchmark Reports co-sponsored by Metafile, available for complimentary download
Rochester, MN (PRWEB) June 12, 2009 -- Metafile (www.metaviewer.com), a Minnesota-based content management firm dedicated to providing paperless financial innovations, co-sponsors the latest e-Payables Benchmark Report, Invoice Receipt & Workflow: Cut Invoice-Processing Costs and Time by Over 90%...Now, published by analysts at The Aberdeen Group. Available for complimentary download, Invoice Receipt & Workflow outlines strategies designed to improve cash management by eradicating paper-based manual accounts payable processes.
"Aberdeen research has found that Best-in-Class AP departments are notable for their superior invoice processing cycle times and costs that are 90% lower than their peers," notes report author Andrew Bartolini, Vice President of research at Aberdeen Group. "These organizations credit their efforts in defining processes and centralizing operations and the investments they have made in automation solutions as primary drivers of their superior performance."
Accounts payable departments find themselves in a remarkable position in today's economic climate to significantly improve cash management for their organizations. Aberdeen's benchmark study encompassed the intentions and strategies of over 130 enterprises and found that 75% of organizations are currently mired in a manual and paper-based rut. Consequences to organizations that do not eliminate paper-based manual accounts payable processes include higher invoice processing cost and cycle times.
"The results seen in this latest report are, unfortunately, not surprising," states Jim Mandt, Metafile's Vice President of Technical Support. "Our objective in sponsoring this report is to guide accounts payables departments on how to best implement paperless solutions rather than just point out the problems. In implementing cash management best practices such as automated invoice processing, accounts payable departments can improve efficiency and lower total expenses for their organizations."
Strategies in "Invoice Receipt & Workflow" outline how accounts payable departments can move towards fully automated paperless processes. In reading the report, accounts payable departments will become empowered to:
| | - Reduce overall invoice processing costs by over 90%
- Lower invoice cycle time by nearly 92%
- Spend 31% less time responding to invoice inquiries than other companies
- Improve the efficiency and cash management of their entire organization
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"By moving towards a paperless process, accounts payable departments can evolve the efficiency of their organizations," concludes Mandt. "We are pleased to have co-sponsored this report by The Aberdeen Group outlining the steps needed to achieve this objective."
A complimentary copy of the latest e-Payables Benchmark Report by The Aberdeen Group, "Invoice Receipt & Workflow: Cut Invoice-Processing Costs and Time by Over 90%...Now," is available courtesy of Metafile.
About Metafile
Metafile Information Systems, Inc. provides paperless workflow automation solutions via its customizable content management solution MetaViewer. A privately held software development and integration firm, Metafile has helped the financial departments of companies such as Winn Dixie, Gate Petroleum, Wellborn Cabinet, and Allied Beverage streamline accounts payable and accounts receivable processes for nearly 30 years. More information on Metafile and MetaViewer may be found online at www.metaviewer.com.
About Aberdeen Group, a Harte-Hanks Company
Aberdeen is a leading provider of fact-based research and market intelligence that delivers demonstrable results. Having benchmarked more than 30,000 companies in the past two years, Aberdeen is uniquely positioned to educate users to action: driving market awareness, creating demand, enabling sales, and delivering meaningful return-on-investment analysis. As the trusted advisor to the global technology markets, corporations turn to Aberdeen™ for insights that drive decisions.
As a Harte-Hanks Company, Aberdeen plays a key role of putting content in context for the global direct and targeted marketing company. Aberdeen's analytical and independent view of the "customer optimization" process of Harte-Hanks (Information - Opportunity - Insight - Engagement - Interaction) extends the client value and accentuates the strategic role Harte-Hanks brings to the market. For additional information, visit Aberdeen http://www.aberdeen.com or call (617) 723-7890. To learn more about Harte-Hanks, call (800) 456-9748 or go to http://www.harte-hanks.com.
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