GITNUX MARKETDATA REPORT 2024

Accounts Payable Statistics: Market Report & Data

Statistic 1

"In North America, the average cost of processing a single invoice is $13.04."

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Statistic 2

"Around 43% of businesses pay invoices late due to lost or missing invoices."

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Statistic 3

"In an analog environment, it takes businesses an average of 45 days to process an invoice."

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Statistic 4

"The majority of businesses (82.6%) are implementing e-invoicing to reduce processing costs."

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Statistic 5

"62% of invoice processing costs are made up by staff labor."

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Statistic 6

"AP automation can lead to up to 80% cost reduction and 9 out of 10 companies agree it's worth the investment."

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Statistic 7

"More than 60% of global businesses struggle with duplicate payments."

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Statistic 8

"Almost half of the businesses (47%) identify manual data entry & inefficient processes as their biggest AP pain point."

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Statistic 9

"Top performers take on average just 4.1 days to process an invoice at a cost of $3.47"

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Statistic 10

"53% of SMEs in North America are adopting invoice automation."

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Statistic 11

"Only 23% of companies use a fully automated Accounts Payable process."

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Statistic 12

"AP automation can result in 81% lower costs and 73% faster processing times."

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Statistic 13

"57% of companies manually key-in their invoices."

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Statistic 14

"The average AP staff size for small organizations is 2.4 full-time equivalents (FTEs)."

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Statistic 15

"Only 8% of companies are leveraging a fully cloud-based Accounts Payable solution."

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Statistic 16

"90% of all payables are still processed manually."

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Statistic 17

"Over 25% of accounts payable managers are planning investments in invoice automation in 2021."

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Statistic 18

"Paper invoices cost about $15 to $25 each to process."

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