Unlike the arrival of the promised Rapture, the end of paper payments is definitely coming soon.
In fact, a recent study predicts that the volume of paper checks will be reduced by half in just three years.
According to a recent study by U.S. Bank and IAPP, paper checks will decrease from 60% of a typical company’s total payments now to less than 31% of their payments by 2014.
What more, the study predicts only 13% of vendor payments will be made via paper by 2014.
For A/P, one of the greatest obstacles standing in the way of a completely paperless department is hesitant vendors. So you may want to pass these findings along to any customers that have been overly resistant to moving away from paper.
Readers, when do you expect your company’s A/P department to be completely paperless? Let us know in the Comments Section.