Labor-intensive manual accounting systems and a deluge of paper-based invoices have plagued finance departments for decades. To keep up with the volume of invoices, accounts payable teams typically respond by increasing headcount. However, turning accounts payable into one of the highest cost functions in a finance organization is not a solution.

Moreover, departments that rely on manual systems are finding that adding staff still does not resolve the inherent problems of unrecorded liabilities; duplicate, inaccurate or unauthorized payments; and misappropriated cost allocations. In addition, these departments are struggling to meet their organizations’ basic need for visible, timely, and accurate financial reporting and control. Compounding the problem, the manual systems they use make it difficult, if not impossible, to address the critical issues at the heart of compliance.