The Payables Friction Index: Barriers to Invoice Automation edition, a collaboration between PYMNTS and Corcentric, is based on insights from executives at 2,570 firms. The Index examines firms’ AP processes, includes more than 200 data points and details how automated solutions could help smooth frictions. Firms surveyed for the report were graded on a scale of 0 to 100.
Notable findings in the report
- 29.3 percent of all merchants reported index scores ranging from 50 to 60
- Although 80.8 percent of firms still use paper checks to pay invoices, only 51.3 percent said they were satisfied with them
- 35.5 percent see electronic invoices as a solution that can reduce manual AP processing
- On average, 42.3 percent of invoices are approved in between one day and one week