Don’t Let AP Processing Keep You up at Night
It Was Just a Dream
You arrive at the office and watch helplessly as your AP processing team tries to avoid an avalanche of paper invoices while simultaneously juggling non-stop vendor service calls.
The phones are ringing off the hook and the sound and sight of inefficiency is maddening—no one is happy.
You try to move, but can’t.
Thankfully you wake up and realize it was just a dream.
Wiping the drool from your cheek, you resolve to update your own AP process before it’s too late.
This scenario is a familiar recurring nightmare shared by many Accounts Payable Managers, Controllers and CFOs—and for good reason.
Without scalable AP and invoice processing, your business cannot flourish or reach maximum potential.
In this eBook, we’ll show you how integrating your AP processing with your accounting software will help you save time and money, allowing you and your team to focus on your customers and your business.
Too Much To Do
Paper-based AP processing requires significant man-power to keep invoices organized and moving smoothly through the system. The AP process can be tedious and CFOs need to be accessible to the AP operations team—especially during high seasons and times of challenge, including audits and conversions.
CFOs who understand the challenges that the staff face are most able to create and sustain successful departments. According to Aberdeen Group research, 35% of financial services executives are motivated to automate accounts payable because of the inability to reconcile accounts and payments in a timely manner.
A key element of the CFO’s nightmare is the feeling of disorder. In this environment, you’re in constant catch up mode. Take time to map your invoice process and identify potential bottlenecks in the process.
For example, are invoices being held up during the reconciliation or approval process? An automated AP solution helps remove many of the bottlenecks by streamlining the entire manual process. And taking advantage of early payment discounts can save your company a significant amount of money.
A CFO’s nightmare also includes layoffs or delaying necessary purchases because they are forced to cut administrative costs. And for companies that do not have a scalable AP processing system, processing a single invoice can cost as much as $23.30.
By establishing certain baseline requirements, such as an automated AP solution and clear policies for your invoice workflow, the Aberdeen report concluded that invoice processing costs can be reduced to just $4.00.
Depending on the size of your company, a $19 difference can save you thousands of dollars a year, giving you the flexibility to increase the size of your team or make other improvements within the organization.
Integration With Accounting
Automated systems can perform automated invoice matching and automated transaction creation as well as embed integrated retrieval capabilities from within your accounting screens—providing staff with instant retrieval of all supporting documentation at the click of a button and allowing them to focus on higher value tasks.
Is an auditor chasing you in that nightmare? Do you fear compliance issues? If you’re among those organizations that award themselves with high marks for tax and regulatory compliance, you also likely have a viable automated system keeping fear at bay.
Organizations with less automation experience higher compliance costs that justify an investment in process improvements. Since best-in-class companies are more than twice as likely to invest in business process automation for compliance, they are able to better identify areas where there are inefficiencies impeding productivity and draining resources. Automated systems also protect against security breaches and fraud detection.
The accounts payable department often interacts with internal departments, and externally with vendors and regulatory authorities. It is crucial that management has established controls throughout the organization that allow them to review internal processes at any point and measure against Key Performance Indicators.
Make Your Dream a Reality
AP processing doesn’t need to be a nightmare.
Imagine the alternative: you’re walking through your office and note a positive buzz. The office is full of smiling faces. The compliance guy walks by and gives you a high-five.
Most importantly, you were able to improve efficiency and save your company money because you automated and integrated your AP process with your accounting solution.
Experience DocStar® ECM AP Automation
DocStar ECM AP Automation is a fully automated AP solution that integrates seamlessly with Epicor, MS Dynamics, Sage, Infor, and more. eclipse allows you to quickly and securely capture, process, and route your Accounts Payable invoices automatically, saving you time and money.