The Paper Monster

Is paper killing your business?

The Costs of Paper

• Companies spend $20 to file a document (Time, materials, copy, etc.)

• $120 in labor to find a misfiled document

• $220 to reproduce a lost document Association for Information and Image Management (AIIM)

Accounting = Paper

• The analyst firm Gartner believes that, in the United States, about 75% to 80% of invoices are still paper-based.

Source: Gartner, Accounts Payable Invoice Automation, Gartner RAS

Core Research Note G00163833, December 2008

Paper-based Invoice Costs

Shipping and Mail

• Branch to HQ Shipping Costs

• Regional offices send all their invoices to HQ for centralized processing

• Even those that scan have image management issues

• Time delay

Payment Cycles

• According to IOMA, 25% of all invoices are paid late

• Increased cycle times with paper

• Data entry errors can lead to added time to search and find invoices

Institute of Management Administration www.ioma.com

Searching and Locating

• Audits and legal issues can cost $$$

• Physical file searching is painful

• Costs of finding, removing, copying and replacing files

• Customer service issue

Archive and Storage

• Long term storage costs• File cabinet space• Disaster recovery

Top Benefits of Digital AP

Fewer Lost Invoices

Lower Processing Costs

Improved Visibility of Process

Audit Process Improvement

Reduced Cycle Times

0% 5% 10% 15% 20% 25% 30% 35% 40%

26%

29%

34%

34%

36%

Accounting and Finance Survey

Imaging Adoption Survey by Paystream Advisors

Filing Time/Cost Comparison

• Storage Costs for Paper– Time to File: 5 minutes– Cost of Filing Invoice: $1.67

• Scanning and Imaging Costs– Time to File: 30s to 1.5m– Cost: $ .50 *based on $20 per hour

Questions

sales@psigen.com949-916-7700 x230

Tame the Paper Monster Today!