Many companies are still running a completely paper-based and manual Accounts Payable process. Challenges like lost invoices, approval delays, and late payment issuances are some of the daily struggles that many companies have gotten used to in their day to day. I’m here to tell you there is absolutely a better way to manage payables!
By leveraging the power of a document management system we are able to solve several business issues relating to Accounts Payable rather swiftly. Did you know?
- A document management system can serve as that central repository for all documentation related to a transaction. Ensuring all your documents are housed in one place ensures no vital documentation is lost, and information can be easily retrieved with just a few clicks.
- Leveraging the inherent workflow capability of any good document management solution can seriously reduce process to payment times for all of your transactions. Imagine a system which AUTOMATICALLY performs your 3-way matches and routes items for necessary approvals based on your unique business rules.
- Any good document management solution easily integrates with your back-end accounting or ERP system which means:
- No duplicate data entry into 2 systems!
- Documentation related to a specific transaction can easily be pulled up in your accounting system WITHOUT ever logging into a separate document management system.
- The capture functionality within these document management solutions ensures that the time it takes to classify documents like invoices into the system is very minimal. This can be a HUGE benefit for any high volume organization!
The benefits of implementing an automation solution for Accounts Payable are numerous and pretty immediate. So what are some of the benefits you can expect to see?
- Significantly reduced process to pay times for all transactions.
- Increased capacity in the AP team to process more transactions, or work on other critical business processes.
- Significant labor savings in AP.
- Reduced late payment costs.
- Ability to leverage early payment discounts.
- Reduced office supply costs (think of all the paper you will be saving).
We believe that an Accounts Payable automation solution can bring benefit to our Organization. What do we do next?
Applied Innovation is a reseller organization with partnership agreements in place with the industry leaders in document management. We are happy to provide a completely free AP Automation assessment. This assessment will provide you with a product recommendation, a scope of the recommended solution, as well as a ROI study so you can understand what tangible benefits we can deliver to your business.
Simply complete the contact me form at the bottom of THIS LINK and we’ll be in contact today to schedule your free assessment!