Account Payable Automation - Provides Huge Benefits

Accounts Payable departments have typically lagged behind other functional areas in their use of automation to streamline processes, yet the potential benefits of automation in this area are considerable. 

Main Ingredients 

  1. Convert all paper invoices into digital invoices
  2. Automate data capture by utilisation of a clever OCR engine to electronically capture the input data in a format required by your AP system 
  3. Automatic matching of purchase orders with invoices 
  4. Electronically workflow the approval process via the web so approvers can access from anywhere at any time. 
  5. Provide a search facility for rapid retrieval of invoice images 

Benefits 

  1. Productivity gains with elimination of most of manual data input 
  2. Reduction in input errors because of automation 
  3. Control over the whole AP process because you can now track approval of invoices , which you couldn't with paper invoices 
  4. Reduced time to approve invoices. Managers can now approve at any time and follow-up thresholds can be managed. This provides more opportunities to take advantage of prompt payment discounts throughout the payment cycle. 
  5. The General Ledger is updated more quickly because the approval process is quicker, therefore accounts are more up-to-date. 
  6. Better knowledge of your outstanding commitments 
  7. The capability to electronically search and rapidly retrieve invoice images enable queries to be answered quicker improving vendor relationships and saving time.

Summary

The return on investment can be very rapid with the automation of your Accounts Payable processes. By automating their functions the AP department will be well positioned to become a true hub of visibility, extending the value created within AP more broadly across both the enterprise and the supply chain. Talk to us – many of our customers have already benefited from implementing such solutions



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