Transform AP departments from cost centers into profit centers through data capture and automating processes
Forces of change are at work as AP departments process more transactions with fewer staffers and AP managers face increasing scrutiny from C-level executives under pressure from stakeholders and regulators demanding operational transparency, accountability, better cash flow and compliance. Even the spread of automation is making accounts payable more complex for companies with manual processes as they struggle to reconcile evolving invoicing and payment technologies with old and rigid systems.
Many companies have started down the road to automation, but few have implemented fully integrated, end-to-end systems.
After 40 years of searching for a profitable and reliable alternative to paper-based manual AP processes, companies are starting to embrace the operational and strategic benefits of end-to-end AP automation.
The benefits of implementing a solution that combines invoice data capture and AP automation include:
- Elimination of time-consuming manual processes, such as sorting and data entry.
- Increased accuracy.
- Fewer bottlenecks and accelerated approval cycles.
- Improved compliance.
- The ability to earn significant, risk-free returns on cash via early payment discounts.
- One record per invoice plus complete transactional records.
- Fewer lost or misplaced documents and resulting routing delays.
- Reduced costs and simplified processes.
- Better cash management and visibility of cash flow.
- Improved productivity.
AP managers are learning to align automation funding requests with companywide goals. In most cases, ROI can be achieved in one year or less.