Traditional paper-based or desktop AP processes aren't doing your business any favors. From production bottlenecks and massive amounts of paperwork to data entry errors, there are fewer and fewer reasons for companies to put off AP automation and invoice processing. Automating accounts payable can give your business more time for other tasks, and the right AP automation and invoice processing system can save you some money as well.
Now is the Right Time
Today is the best time to implement an AP automation and invoice processing. Here's a review of the advantages.
- Lost invoices — In a paper-based accounts payable system, employees manually open, sort, and route invoices to the correct department. Depending on your system, your invoices may have several opportunities to go missing. Invoices can be misplaced while en route to the right department, lost in desktop inboxes while awaiting approval, or they may never show up in the AP department at all. AP automation and invoice processing keeps all invoices in one location. Intelligent workflow processes route invoices to the correct location. Audit trails confirm delivery, keeping invoices from getting lost or misfiled during the payment process.
- Manual data entry errors — Data entry errors are impossible to eliminate from traditional systems, and at some point, your business will suffer a financial or reputational backlash. AP automation and invoice processing eliminates data entry errors by relying instead on scanning and OCR technology to capture and route information.
- Lack of visibility — Bottlenecks in your approval procedures can slow down invoice processing, but you can't correct what you can't see. AP automation and invoice processing gives key players the ability to pinpoint problems and locate any invoice or supporting documents at any time during the payment process.
Not sure whether AP automation and invoice processing could help your company? Talk to us at HGi Technologies to find out more today!