Jump-Start Turnaround Time With Automation
Start Capturing Early Payment Discounts Today!
If you have been browsing our site for long, you will already know that labor is often the top-contributing factor in the total cost of any business process. You will have already heard a great deal about how much you can reduce labor costs through automation. However, labor cost reduction is just one of many areas where significant savings and value can be found through adopting automation.
Another very important area in which automation drives value is through reduced turnaround on tasks like processing inbound mail, invoices and forms. Reducing turnaround time is valuable in any project, but on timely tasks like securing early payment discounts and customer service responses, every moment counts!
Contact American Micro today and discuss how implementing automation in your daily tasks can reduce turnaround time by up to 80% on tasks like Accounts Payable, Invoice Processing and Mailroom Processing.
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All Accounts Payable automations start with scanning invoices. Paper invoices can become costly and problematic from simple entry errors to mishandling. From there, workflows read the invoice data and automatically integrate with any financial system, routing approvals to only the relevant approvers. Setting up an AP system in this way ensures that scanning and approvals are the only paid labor items required, minimizing time and labor expenses while also providing staff with instant access to the financial data required for the job at hand.
Organizations tend to find the most value when outsourcing AP automation as it enables them to take advantage of the specialized skills and equipment a dedicated Business Process Automation provider brings to the table. Perfection is required in paper scanning, indexing and record storage processes, and that tends to make it challenging to bring the entire operation in-house.
BENEFITS OF AP AUTOMATION
- Don’t Miss Out On Discounts!
- With the increased speed and accuracy possible through automation, you will trade in late fees for early payment discounts.
Increased Accuracy Means Fewer Mistakes
- Eliminate or reduce lost paperwork, mail, and invoices.
- Put an end to redundant data entry.
- Overpayment or duplicate payments are a thing of the past with no extra effort.
Reduce Your Operating Costs
- Automation allows for team members to head more productive positions within the company, freeing up your biggest asset.
- No more late fees and fraudulent charges that go unnoticed.
- Avoid end of quarter bottlenecks and incomplete transactions.
- Documents can hide up to $20 in processing and labor costs from arrival to filing. Automation can reduce this cost to nearly $0.
Time Savings
- Automatic processes mean work gets done even during lunch, breaks and sick days!
- 267% time savings on average (—”AP Invoice Management in a Networked Economy.” Aberdeen Group.)
Gain Control:
- Supervise the AP workflow processes without having to be directly hands-on.
- Ensure jobs are completed promptly while monitoring progress from start to finish.
- Make compliance easy! Have peace of mind that all regulations and processes are being observed.
Have Instant Access:
- No more days spent sifting through piles of paperwork to find the exact document you need.
- Access data and documents from any device, anywhere you have access to the internet.
Fraud:
- AP automation technology can check incoming invoice data against existing records to stop fraudulent or erroneous entries coming from suppliers.
- Allows you to actively monitor the payment process to its entirety.
- With multiple people having to sign off on transactions and invoices, missing money is more likely to be noticed sooner than later.
Accounting Reports:
- Accurate financial reports means fewer errors and easier preparations.
- Easily generate any report necessary.
- View invoices through every step, allowing for quick responses to your most important vendors or impatient auditors!
Cashflow Projection:
- Have a much clearer picture of the financial health of your business.
- Determine the optimal ways to keep cash in the business for necessary expenses and investments.
Ready For Audits:
- Auditors can search online for any invoice, reducing audit time.
- Workflows document each step of invoice approvals showing every authorization and control.
