SMALL BUSINESSES TOO SLOW IN ACCOUNTS PAYABLE
Smaller businesses are taking longer to pay their bills due to a lack of invoice automation. Entrepreneur highlighted the fact that small business owners are taking a long time to pay bills with real estate firms taking the longest at 20 days, which went up from 10 days in 2009. Why, exactly, is it taking them so long? Lacking in efficiency Many companies are still stuck in the disorganization characterized by keeping paper documents on record. Paperless document management is helping businesses catch up, but for the ones that are behind on adopting this technology, the payment schedule is slow. When small businesses are slow to pay their bills, they will also be slow in getting paid, Entrepreneur reported. These small business owners also have difficulty managing their budgets, and tend to be slow in punishing customers who don't pay on time. Accounts payable departments have been burdened by paper documents, which can lead to inefficient office management. Approximately two-thirds of respondents in a Canon survey of business executives discovered that less than 10 percent of their suppliers use invoice automation. The source mentioned how invoice automation
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