It’s A lot of Work
The Accounts Payable department has traditionally been a slow, manual, and paper-based process comprising of many steps including: lots of labour intensive manual data entry, GL coding line items and entire invoices, the multiple approval steps that could be involved, and finally invoice payment. Clearly, mistakes in this case are costly, not only because of the lost time to repair the errors, but who wants to double pay an invoice – accuracy is essential. Most companies have not automated their invoice or expense process, read on to find out why you should care about Ap Automation.
It’s All About the Cost Savings
To start with, if you’re not processing dozens (and more) of invoices daily, this may not be justifiable for your business, but if you’re needing to free up the processing bottlenecks in this department – read on.
Once you’ve recognized something must be done to speed up the process, you’ll want to speak with Connectis to help define your AP Processing Automation strategy. This doesn’t take long and won’t cost you anything for the conversation. We’ll let you know what areas in your business will benefit from automating the AP and after a few answers from your team we can generate an Invoice Automation ROI, so it’ll be easier to justify bringing the solution inhouse.
Automating the AP Department benefits your company in several ways, including:
- Reduce or eliminate the manual data entry for invoice data input
- Eliminate duplicate invoice payment forever
- Enable remote invoice processing for a Remote Office Workforce
- Eliminate the need to retain paper – ask us how to dynamically store your digital files in a document management
- Take advantage of early payment discounts offered by vendors
- Speed up the entire capture, approval and notification processes – make them digital
- Ensure absolute accuracy in every step your Team touches in this process while improving their efficiency.
- There are many others, but those are the biggy’s
Get More from the Team
Your Team can concentrate on higher value-added tasks and avoid the drudgery or manually entering invoice data (and fixing mistakes later). If your business grows and you’ve got to increase the number of invoices you process, no issue there, we can add licenses forever (of course) and if you need to change how the Team works to operate remotely – we’ve got you covered there as well with a scalable system that can work on premise or in the cloud. You’ll be able to figure out how many invoices each person is completing, and where they’re typically getting stuck. Your Team will like it as well, the interface is consistent and easy to master, plus you’ll be relieving them from repetitive, monotonous, manual labour tasks that are better suited to automation – job satisfaction is the key here. With a bit more time on their hands, who knows, perhaps they’ll help the Accounts Receivable Team to help you get paid faster.
Faster Vendor Payment
With InvoiceAction AP Process Automation you’ll cut time to process invoices to a few minutes at most – wouldn’t that be nice. Enabling your AP Team to take advantage of supplier discounts and avoid late payment penalties. Isn’t it better if you keep the cash while you improve the company’s credit worthiness?
Remote AP Processing
Now that so many workers are working remotely, you can still process thousands of invoices while out of the office and release the accurately captured invoice data to your accounting or ERP system. And if you want to archive each invoice PDF transaction and associate it with the captured invoice meta-data we can store that in a document management system like Vasion and ensure the PDF’s are searchable, discoverable for audits while you’re keeping track of everything in a single repository.
Contact Jazz, our expert on all things Invoice Process Automation to discuss how to automate your paper heavy AP processes at 905-695-2200 x1006, jazz@connectis.ca
