ACCOUNTS PAYABLE AUTOMATION
Paper. It stacks up, doesn’t it? Then the workflow slows down. And all of a sudden the accounting process your company is depending on for stability isn’t working. ROI…down the drain.
The natural reaction in this case it to get the whole team “on it!” Approvals are missed, errors increase, and cash flow suffers. Duplicate invoices from different departments are entered multiple times. If this is a problem you encounter even occasionally, you may want to consider AP automation!
There’s a misconception that automating is an expensive process. With today’s cloud-based storage, scanning invoices, electronic routing to be processed and easily pulling details to share with your ERP system delivers a high ROI and significant reduction in errors. Automated processing is a painless system of standardized steps that reduces delays, hard to find manual errors and minimizes manual exceptions.
Some of our clients prefer to do the scanning themselves. Others prefer to have all their payments sent to a secure lockbox where we pick up and process every week day. Wouldn’t you love the option of more easily managing your cash flow because you can see day-to-day changes?
And did we mention ROI?
In a 2012 study by the Aberdeen Group, 130 enterprises were profiled to help differentiate the best-in-class AP processes from their competitors. According to the Aberdeen Group, there are 4 primary outcomes that AP automation should provide:
- Increased savings through discount capture
- Decreased risk of penalties
- Decreased labor costs
- Improved access speed
The Gartner Group estimates that a 5% reduction in operating
costs has the same impact as a 30% increase in sales.
This can all be a little unnerving if you’re accustomed to a manual system. For a free demonstration or evaluation of your current systems, simply give us a call!