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Sunday, February 19, 2017

Accounts Payable processing can be exceedingly laborious for any organization.  Invoices need to be opened, routed, approved by the appropriate administrators, processed, entered into a database for payment, and ultimately paid.  Educational institutions are not immune to this process.  Elementary and the higher education institutions receive invoices from a plethora of sources ranging from the equipment and cafeteria vendors to the office supply providers.  This mountain of paperwork must be handled by an undermanned staff with a low budget to stay on top of the Accounts Payable cycle.

Manual invoice processing is extremely time-consuming, cumbersome and costly. Here are some statistics:
·          $22.75  is the cost to manually process an invoice
·          16.3 days is the average span of time it takes to manually process one invoice
·          16% of companies can take advantage of a prompt pay discount on their invoices

Compare the above figure with the same elements below to see how schools can greatly benefit from an automated Accounts Payable process:
·          $3.40 is the cost to process an invoice with an automated AP solution
·          6.1 days is the reduced average span to  process an invoice
·          47% of companies with automated invoice processing can take advantage of prompt pay discounts

As evidenced by the above statistics, a great deal of money and time can be saved thanks to implementing an automated AP automation solution. The amount of money saved by eliminating manual processes can be used to improve equipment, develop human resource or give students better accommodations. The AP staff will eliminate the risk of paying an invoice twice, or overpaying an invoice. They will be able to submit payments on time, and in many cases be able to receive prompt pay discounts.

Human error because of manual data entry will be eliminated. Furthermore, they do not have to waste countless hours searching for documents, hunting down signatures for approvals and manually keying in endless amounts of data. The staff’s productivity will be enhanced remarkably. Not only is that improved productivity good for business, but it is also good for employee morale and overall satisfaction with their jobs—which can lead to higher employee retention and a better overall reputation for the school.

It’s time to replace your school’s manual invoice processing by a smart and time-saving one! Contact inFORM Decisions to let us help you automate the processes and make your AP department more efficiency and productive.

Our website: http://www.informdecisions.com/ - Phone numbers: (949) 709-5838 / (800) 858-5544


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