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Accounts Payable Business Challenges

The Challenge

Paying bills are a business necessity. However, many small to medium-sized businesses lack the resources to create an electronic Accounts Payable (AP) workflow that helps conserve cash, enables staff to focus on revenue-generating activities and ensures timely payments. With an Accounts Payable solution from Halsey & Griffith, you can automate all or part of the payables process, saving your company time and money.

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Paper-based processes are inefficient – from overburdened staff and missed vendor discounts to late payment penalties, high error rates and lost or missing invoices. According to Coopers and Lybrand, 15% of all paper documents are misfiled or misplaced.

Automating your accounts payable process gets invoices and associated documents into an electronic format so they can be tracked every step of the way.

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Professionals waste a significant amount of time each week dealing with a variety of challenges related to working with documents such as invoices. This wasted time costs the organization $19,732 per information worker per year and amounts to a loss of 21.3% in the organization’s total productivity. For an organization with 1,000 people, addressing these time wasters would be tantamount to hiring 213 new employees.
(Source: IDC and Adobe 2012) 

A system with an intuitive interface and automated AP workflow significantly reduces invoice processing time. Capture solutions at the point-of-scanning capture critical information to appropriately route the invoice. Powerful desktop solutions speed up the process of indexing key information from the scanned invoice.

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Scanning invoices directly into your AP workflow allows your staff to view files quickly, confirm accuracy and keep information moving. Scanned invoices can also be stored in an enterprise content management system, which allows authorized user to recall an archived invoice.

In addition, lost or misplaced invoices become a thing of the past because an electronic audit trail confirms delivery of every distributed file.