Do your goals this year include process automation? That’s a wise decision and one that will pay substantial dividends for your business. Even so, attempting company-wide automation in the hopes of solving all of your process problems at once could be a mistake. For a majority of companies, a slower start is recommended.
Why Begin with Accounts Payable?
AP automation and invoice processing can lead to measurable payoffs, which is why so many companies choose this option to begin automating their workflows. Here are a few of the improvements your company can expect to see:
- More time and fewer errors — Manual processes always take more time to complete, and the rate of error is higher than most companies would like to see. An AP automation and invoice processing solution improves on existing procedures by reducing the need for manual intervention, preventing data entry errors, reducing incidences of lost paperwork, and eliminating common process bottlenecks. Instead of waiting days for a manual process to finalize invoice approvals, key players will be alerted automatically when their role in the process is next in line.
- No more missed or late payments — Late payments are bad for business. An AP automation and invoice processing system digitally routes and tracks invoices, streamlines the approval process and reduces time-to-payment to as little as four days. Instead of absorbing late fees and working overtime on relationship damage control, you’ll pay your invoices on time and perhaps even take advantage of early payment discounts.
- Level the playing field — When your competition uses AP automation and invoice processing, they could become the provider of choice, even for your client base. Instead of sending your customers to the competition, try changing the way you process invoices and see what happens next.
Could AP automation and invoice processing give your business an edge over the competition? To find out more, contact us at HGi Technologies today!