3. People spend hours creating invoices electronically in their accounting system, sending them out to their customers as paper, and in turn, receiving paper checks which have to be re-entered back into their accounting systems.
5. Because after that paper invoice circles around their office for approvals, taking a long break on whomever’s desk is out for the week on vacation…
6. It finally gets approved, and then gets turned BACK into paper and sent to the Vendor as a paper check.
7. When your company receives this paper check, what do you have to do with it next? POP QUIZ:
8. The fact is, the average small to mid-sized business’ invoice to payment cycle is 41 days.
9. That means, from the time it takes you to invoice your customer, you MAY get paid 41 DAYS later.
10. And, since all businesses are both Buyers and Suppliers, there’s no escaping the problem.
11. Until now, accounting systems have operated as functional silos without any real way of exchanging data between one another.
12. For businesses, this has meant that turning data into paper, then back into data again has been a necessary, albeit wasteful, evil.
13. And, with the stringent demands of often detailed workflow processes coupled with the seven-year retention period, it’s likely that you feel like you’re drowning in paper.
