Automating Your (Work) Life
Part Two: Automating the Accounts Payable Department
So you’ve begun to put processes into place that can automate your work life on a personal level, but what about automating your office on a higher level? Many departments can benefit from automation if they are process-focused and process a high-volume of paperwork. For many companies, this makes the Accounts Payable department the most logical place to start the automation process.
Why would your company want to consider AP automation? Let’s take a look at the top five reasons to add AP automation to your ERP software:
- Automated Data Entry = Decreased Error Rate: While no one intends to make a mistake, your data entry staff is all human, right? They are inevitably going to make a mistake here or there, no matter how good they are. OCR (Optical Character Recognition) Software, on the other hand, doesn’t make mistakes and can enter information faster than a human.
- No More Missing Invoices or Files: Documents are now automatically attached to the account that they belong to, so there’s no more worries about someone misfiling documents or losing files altogether.
- Shortened Processing and Approval Cycles: Workflows are cued as soon as a document is received into the system, so employees (and managers) can easily see what documents are waiting for approval and how long they have been waiting. Workflows conform to your business rules, processing timeframes and alternate routing.
- Improved Business Intelligence: It’s much easier to make decisions when you have all of your information at hand. Management no longer has to wait until after month-end to see what the company cash flow looks like; they can now pull daily reports that give them all of the information they need to know.
- Easier Audits: You decide who has access to each file and section of your system, so an audit trail is automatically created and auditors have a much easier time identifying irregularities.
The bottom line is that accounts payable automation allows you to maximize your resources, make decisions faster and become more responsive to customers. The cost savings makes an even bigger difference: customers who invest in AP automation typically covering the solution costs within the first twelve months. Those customers continue to save upwards of $200,000-$500,000 or more in the first four years of operation.
Don’t just take our word for it, read about how accounts payable automation made a difference for Leading Real Estate Companies of the World and DIRTT Environmental Solutions. Ready to speak with a consultant to find out what automating accounts payable can do for your company? Click here to contact us today!