Accounts Payable
Workflow Automation
Accelerate accounts payable processes, reduce costs and operate more efficiently
from invoice receipt through payment
What Problems Can AP Workflow Automation Solve?
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Processing invoices manually is a significantly inefficient process that can easily hurt relationships with your vendors and the customers your business relies upon. Using automation makes AP process and approval cycles significantly faster and more efficient. In the switch from manual processing AP departments see considerably less in errors and misplaced or lost invoices – and companies also saw substantial savings on the costs that come with late fees and the costly time it takes for employees to complete these tasks that could have been automated. Following are some of the other benefits of AP automation:
“EZCM eliminates the need to print our documents and save in file drawers for years to come. Not to mention, eliminating costly time to look things up in stored banker’s boxes, frees up storage space, etc.”
Nikki Russell
Accounts Payable Supervisor, Orr Protection Systems
“It is now easier than ever to follow up on delinquent invoice approvals without any concern for lost documents. ACOM’s system is highly customizable, and the responsiveness of their team allowed us to implement with confidence.”
Ryan Hamilton
Staff Accountant, AIDS Outreach Center
Reduce Significant
Labor Costs
Processing invoices consumes a significant amount of time for data entry and validation, GL coding and approval processing – and over 60% of your invoice processing costs involves staff labor. So it’s no surprise that labor savings is the single biggest driver for companies making a switch to AP automation – which delivers a 70-80% in time savings for accounts payable staff.
Process Invoices in
Less Time
Automating accounts payable processes can have a big impact to your bottom line. It can takes up to 45 days from invoice receipt to payment; and since most accounts payable steps are handled outside of the accounting system AP automation brings exceptional value. Invoices can go through to approval in less than 3 days and without requiring manual interaction.
Eliminate Expensive
Manual Errors
Processing invoices manually can result in errors that can impact your company financially and damage important vendor relationships. Automation replaces manual invoice processing; reducing late fees and processing errors with up to 99% data accuracy. Companies can process invoices 70-80% faster and they’re able to take advantage of every early payment discount.
Lower Invoice
Processing Costs
Automation costs are only 33% off the expense of processing manually. Checks account for 65-75% of B2B payments with paper and postage at $1.55/check. AP automation, reduces check use to 15-25% of payments.The Institute of Finance & Management reports that companies not using automation spend an average of $8.78 to process single invoice; and that’s before considering labor costs.
Schedule Your Demonstration
Fill out the information below to request your demo. You’ll be contacted by one of our
experts who can assist in scheduling out a time that accommodates your schedule