In turn, the traditional paper based treatment of the AP process renders a longer cycle of financial costing in terms of effort and time. Needless to say, there is also the inevitability of added management of data entry errors.
Process Automation, specifically Accounts Payable Automation, is the most common process which eliminates paper, reduces time, effort and cost.
Additionally, automation provides many other benefits such as eliminating errors and provides controls for management with a clearer view into the process.
There are payable automation solutions that allow for improved productivity and enhances the internal control by the management. In fact, AP Automation has been the leading process that many companies start with on their journey towards more automation.
Does your own business’s AP process and workflow reflect these new improvements?
OCR captures and extracts supplier invoice information with impeccable speed and accuracy and is not template based per supplier.
Traditionally, manual data entry functions and paper archiving have always been considered high as operational cost functions. The notion of automating payments and payment controls’ related tasks could allow a company to redirect its strategic initiatives in terms of resource management based on the approval process.
Here are some key benefits that accounts payable automation offers:
Accounts Payables automation: time savings and productivity gains
Your vendors’ files improved processing is also a key for success when you want to automate your AP department. You can save a lot of time in discussion with your suppliers by using the emails exchange within your electronic solution. The financial benefits will be clear as the overall reduced efforts will be apparent with automation.
This reduced time of processing invoices correspond directly to the costs savings related to the financial savings of supplier invoices processed. Our solutions minimize human intervention. This in turn contributes to a reduction in account payable staff thereby freeing them up for more important and greater value-added tasks
Real time access to information regardless of where you are
As a result, one can evaluate and approve vendor invoices anywhere.
In contrast, traditional business management practices required that the assessment and analysis be performed at the office
Expense Account management
The proposed travel & expenses (T&E) solution will make it easier to approve and provide a quicker repayment to the employee.
Obviously, this will bring about a substantial reduction in the processing of expense claims costs and additionally allow for a more stringent compliance of company policies
Removal of data entry errors
Your organization will also improve and increase the rate of quality control of the extracted data into your supplier invoices. It is therefore safe to say that automation gives the manager the ability to quickly ascertain and identify potential problems and patterns which will also minimize and reduce errors.
The elimination of duplicate invoices, incorrect amounts, Purchase Order mismatching and vendor ID confirmation all assist in minimizing those errors and reduces costs.
Cost savings on late fees and the ability to take advantage of financial earnings on early payment discounts
By using an electronic AP solution with data capture, the organization can therefore properly plan for an improved schedule of these forecasted payments. As such, many opportunities will arise to fully benefit from early discount payment periods.
Needless to say, such cost reductions also influence positively cash flow management and liquidities
For this to be possible, a thorough analysis and an audit need to be performed to assess the current state and recommendations of an ideal future towards automation state. This integrative type of approach is necessary to ensure maximum ROI for its manager and stakeholders.
Integrim is the Canadian leader in Automation solutions. They offer its business management clients a complete suite of automation solutions and services, related to processing paper or electronic documents thereby reducing costs, eliminate paperwork and improve staff efficiency, regardless of the type of document or the activity sector.