Key Facts
- AI invoice automation can reduce processing time by up to 80%, saving businesses significant operational hours.
- Manual invoice processing costs $10–$30 per invoice, with errors affecting up to 20% of invoices.
- Automated systems achieve over 90% accuracy in data extraction, minimizing manual corrections and delays.
- Exception rates in invoice processing have risen to 23.2%, consuming up to 24% of a processor’s time.
- AI can cut operational costs by 20–30% and boost efficiency by 40% for SMBs.
- 73% of businesses face late fees, but automated payment processing can reduce payment times by 50%.
- 68% of CFOs are shifting from compliance to growth leadership, leveraging AI for strategic finance transformation.