By Joan Honig, DocuWare – Small- to medium-size businesses (SMBs) prioritize differently than large corporations. One size fits all does not apply when it comes to identifying the issues that are most related to keeping the company solvent and successful. Top 10 Challenges Small Businesses Are Facing Today, a recent article in the magazine Small Business Trends notes that SMBs’ most pressing concerns include better cash flow management, managing increasing employee healthcare costs, and dealing with anti-business government regulations and skyrocketing federal income taxes.
Automating invoice processing is the quickest way to address cash flow management, a top concern for SMBs. In the article, Metric of the Month, Accounts Payable Cost, data from the American Productivity and & Quality Center (APQC), a nonprofit benchmarking and best practices research organization, shows that calculated across industries, the median cost of processing an invoice can vary from about $10 per invoice to $2.07 in the top-performing organizations.