You can’t control how invoices enter your business, but you can control how you handle them once they’ve arrived. If paper-based AP strategies are a source of bottlenecks and pain points, read on to find out how electronic AP automation and invoice processing solutions could benefit your business.
Where You Are
Many of your suppliers may still send paper invoices, but that doesn’t mean you’re stuck handling them with outdated, paper-based methods. Here’s where your organization stands without an AP automation and invoice processing solution in place.
- Manual data entry — Inaccuracies during the data entry process can cause late payments and high labor costs.
- Overpaying or underpaying — Lack of visibility into AP processes can result in double payments, paying the wrong amount, or approving fraudulent invoices.
- Misplaced invoices — Late payments due to missing invoices are common to paper-based processes.
- Inaccurate budget forecasting — Stacks of unpaid invoices make it challenging to provide accurate financial data.
Where You’d Like to Be
Document scanning and capture solutions help organizations deal with incoming paper, automatically transforming them into digital formats. From there, a robust AP automation and invoice processing solution takes over to eliminate many of the frustrations and errors common to paper-based processes. Instead of relying on employees to manually process invoices, a highly-automated AP solution takes on the heavy lifting required to complete the process.
- Eradicate paper by scanning and capturing invoices the moment they enter your organizational workflows.
- Validate, code, match and distribute invoices digitally and automatically.
- Implement alerts to notify key players when unusual invoices require their attention.
- Start paying every invoice accurately and on time, improving supplier relationships and taking advantage of early payment discounts.
Paperless AP automation and invoice processing provides greater control and insight for your AP operations. To learn about more benefits, contact us at HGi Technologies today.