Accounts Payable Business Challenges
Paying bills is 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, you can automate all or part of the payables process, saving your company time and money. Consider the following statistics:
- Paper-based invoices are inefficient. According to Coopers and Lybrand, 15% of all paper documents are misfiled or misplaced.
- Professionals waste a significant amount of time dealing with documents such as invoices. This wasted time amounts to a loss of 21.3% in the organization’s total productivity.
AP Automation and Invoice Processing
For many companies, the invoice processing scenario involves the common challenges of identifying who should review an invoice, who last reviewed it, and where it is (stuck) in the approval process. As a result, payments are delayed and suppliers are less than thrilled. Our Accounts Payable solutions allow you to automate the process to keep things on track, keep suppliers happy, and even save you precious time and money.
A system with an intuitive interface and automated AP workﬂows signiﬁcantly reduce invoice processing time. Capture solutions at the point-of-scanning capture critical information to appropriately route the invoice, so staff can view ﬁles quickly, conﬁrm accuracy, and keep information moving. By storing scanned invoices in an enterprise content management system, lost or misplaced invoices become a thing of the past as an electronic audit trail conﬁrms delivery of every distributed ﬁle.
With AP Automation, your company can:
- Manage all invoices from a centralized location that utilizes intelligent workflow capabilities.
- Capture important data at the point-of-document scanning to appropriately route invoices.
- Receive notifications based on metadata and dynamic views to categorize invoices by workflow status.
- Eliminate lost or misplaced invoices with an electronic audit trail that conﬁrms the delivery of every distributed ﬁle.
- Take advantage of prompt pay discounts from suppliers.