Accounts payable teams and departments are tasked with handling a sizable sum of paper when processing paper invoices, which makes it easy to lose important documents. Lost invoices typically result in orders being late or unpaid, which could lead to additional fees and the potential for audits. Paper invoices have also been the target of fraud in the past, which isn’t an issue when using a digital system that’s fully automated.
If you want to run a modern business, it’s highly recommended that you make the shift over to paperless accounts payable. Once this move is made, your processing costs should drop considerably, storage costs should be practically eliminated, and lost files shouldn’t be a problem.