A recent survey by the International Accounts Payables Professionals (IAPP) placed the average cost to process an invoice at nearly $8.00. What's more, industry studies show that as much as 70% of those costs are wrapped up in document handling and data entry processes.

Converting vendors to an electronic format is crucial to reducing costs in the A/P process. Along with helping to lower overall costs and provide more efficient approval processes, the transaction visibility and collaborative aspects of Electronic AP processing should lead to fewer vendor inquiries and better management of trade terms.