ROCHESTER, Minn., June 7 /PRNewswire/ -- Metafile Information Systems (http://www.metaviewer.com) – a leading paperless accounts payable (AP) and accounts receivable (AR) document management and workflow solution provider – is offering free access to the Aberdeen Group's (http://www.aberdeen.com) latest AP study, "Invoicing and Workflow: Transforming Process Automation into Operational Cost Control." To obtain a complimentary copy of the report, click here: http://ow.ly/1MGYC
"In recent years, we have heard a consistent message from our research community: the strategic importance of accounts payable is on the rise," said Scott Pezza, senior research associate with Aberdeen Group. "Where automation makes its most direct impact is in the removal of manual steps from A/P, utilizing the processing, storage, and retrieval speeds of computerized solutions to gain cost- and time-saving efficiencies throughout the receipt and approval process."
Conducted in March and April 2010 among more than 150 enterprises serving a wide range of industries, the Aberdeen Group's study serves as an overview of the accounts payable function's current state and offers strategies that organizations can employ to improve invoice-processing efficiency and visibility.
"The accounting department's success is judged by its ability to deliver business value and confidence in decision-making to the C-suite," said Nick Sprau, vice president of marketing with Metafile Information Systems, an underwriter of the Aberdeen study. "Aberdeen's AP study confirms our belief that technology is a critical tool in driving that success, but it only works best in concert with an invoice-processing framework that is truly efficient."
Among other findings, the research report indicates:
- The most common factors driving participants' focus on AP improvement are a lack of visibility into invoices and AP documents (57%) and corporate directives to lower overall costs (43%).
- Relative to invoice processing performance, the Best-in-Class maturity class (the top 20%) of respondents averaged a $4.84-per-invoice processing cost and a 3.7-day cycle time to process a single invoice, while the Laggard maturity class (the bottom 30%) averaged a $27.83-per-invoice processing cost and a 41.3-day cycle time to process a single invoice.
- Compared to all other firms surveyed, those enjoying best-in-class maturity are:
- 69% more likely to have clear invoice-receipt-to-workflow policies;
- 59% more likely to employ system-level controls for segregating duties surrounding each transaction; and
- More than twice as likely to have established processes to measure compliance with workflow policies.
- To achieve Best-in-Class performance, companies should:
- Obtain a clearer understanding of the state of their AP departments by reviewing policies and performance, consulting with organizational counterparts, and engaging suppliers to uncover improvement opportunities; and
- Improve and expand performance measurement, and start the improvement and expansion process now by (a) increasing the data available to management to support better decision making; and (b) setting a benchmark against which future results can be measured.
About Aberdeen Group, a Harte-Hanks Company
Aberdeen provides fact-based research and market intelligence that delivers demonstrable results.
Having queried more than 30,000 companies in the past two years, Aberdeen is 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 or call (617) 854-5200, or to learn more about Harte-Hanks, call (800) 456-9748.
About Metafile Information Systems (www.metafile.com)
Founded in 1979 and headquartered in Rochester, Minn., Metafile is an established, independent, and efficient provider of paperless document management software applications supporting accounts payable, accounts receivable, and human resources departments in middle-market and large businesses nationwide. More than 3,500 organizations have translated Metafile's content management solutions into enterprise-wide value and competitive advantage. MetaViewer is Metafile's flagship paperless document management solution, offering paper and electronic invoice capture, Web-based workflow, two- and three-way matching, real-time graphical visibility, and full ERP integration. Today, more than 15,000 financial professionals worldwide are efficiently processing more than 15 million paperless transactions per week with the MetaViewer solution. For more information, call 800-638-2445, or visit www.metafile.com.
SOURCE Metafile Information Systems, Inc.