Can your Accounts Payable Department survive without automation?

The AP Department processes appear to be simple on the surface. Invoices need to be opened, routed, approved by the appropriate administrators, processed, entered into a database for payment, and ultimately paid.. But if you’re AP processes are still largely manual and paper-intensive, it could be tedious, outdated and extremely cumbersome.

Typically, invoices are sent to numerous field offices, forwarded to AP, and then manually entered into the company’s enterprise content management system (ECM). Unless invoices are tracked, an invoice can stay on a manager’s desk for weeks, which can lead to late payment fees. Want to trade in the late payment penalties for early payment discounts? The solution is simple: investing in Accounts Payable automation. You can automate your invoice processes with Document Capture and Workflow solutions for end-to-end AP Automation.

Here are 5 reasons why your AP process must be automated:

1.         Boost productivity and efficiency

AP departments waste a colossal amount of time entering, filing, emailing, retrieving, or searching for misfiled or lost documents.  This means more time lost on procedures than productive work. Traditionally companies tackle the AP problems by adding additional staff and cost.

We live in the age of technology and you should work smarter instead of working harder. Automating AP processes can remove most manual and paper processes by automating the input, tracking, record keeping, and sending invoices through the approval process. Your team can focus on more important task and get other valuable work done. AP Automation features include:

·        Scan and extract invoice information

·        Searchable invoice PDFs

·        Capture Invoice Data with Extraction

·        Route captured invoices to 60+ systems

·        Kickoff AP invoice workflow

2.         Improve visibility, control, and accountability

An Automated AP Workflow offers you the capability to instantly have insight into how a given process is progressing, who and how they are doing, etc. You take total control over the workflow, monitoring progress from start to finish and making sure that everyone finishes their tasks on time.

3.         Enhance Compliance

There are forms of government regulations such as Sarbanes-Oxley in the United States, Bill 198 in Canada, J-SOX in Japan, etc, which stress the accounting process. Tracking your AP processes help you avoid lawsuits, fines or other legal penalties as well as meeting legal requirements and regulatory reporting.

4.         Avoid late payment palates and get early payment discounts

Did you know that automated AP workflow could reduce invoice cycle time by 50% to 80%? When you reduce the cycle time of processing an invoice, you can easily avoid late payment fees. Instead of late fees, you can negotiate favorable payment terms.  Only 16 percent of companies using manual process take advantage of Early Pay Discounts, whereas 47 percent of companies utilizing automated processes take advantage of these discounts. 

5.         Accurately forecast and make informed decisions for the company

When you can easily access the data you need to ensure timely invoice payment, avoid late penalties and get early payment discounts, you will have a much clearer picture of your company’s financial health. Workflow is like the windshield wipers on your car, which help you see clearly and gets you to your destination.

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 With an automated AP Workflow solution, your AP Department can experience a significant increase in productivity and eliminate unnecessary steps from the workflow process, ultimately making a positive impact on your company's bottom line. 

Contact our team today to help streamline your accounting and leverage your manpower. Our website: www.informdecisions.com - Phone numbers: (949) 709-5838 / (800) 858-5544