Are you still processing invoices manually? Still chasing down paper files or walking into your office to see that the pile of documents for approval has somehow gotten bigger overnight?
It’s time to put a stop to the madness and start a serious discussion with your management team about the benefits of automating your AP department, even if it’s only to save your sanity…and to save the company money, of course!
AP Automation Benefits
Here are 10 talking points that you can present to your management team about AP automation. Let’s start with the “loudest” reasons on the list:
- Early Payment Discounts – Automating approval of most purchase order invoices standardizes a smooth workflow, and chances are, that you can negotiate a number of favorable payment terms and price lists.
- No Late Payment Penalties – Automated accounts payable workflow typically reduces the invoice cycle time by 50 to 80%, which gives you ample time to work within payment terms.
- Reduced Headcount – Advanced OCR eliminates the need for manual keying, enough said.
- Reduced Fraud – Since every invoice is checked against accounts payable data, no unknown supplier will have a chance to slip by. Invoice number control stops any invoice from being entered twice.
- Improved Bottom Line – Reduced headcount and early payment discounts in combination with the elimination of late payment penalties, double payment and false invoices make a substantial contribution to your bottom line.
Executives need more insight into their business to make better business decisions based on real-time information:
- More Visibility and Control – Your company headquarters can have complete control and visibility of the business processes, documents, and information required to run businesses in real-time and is maintained without compromise to individual company identities, business rules and financial models.
- Improved Cash Flow Management – Visibility and control, along with timely and accurate reports, support healthy cash flow decisions. Late payments penalties can be avoided while early payment discounts can be capitalized.
- SOX Compliance Support – Invoice automation provides the complete audit trail which is fundamental for compliance with the Sarbanes-Oxley Act.
- Fewer Errors – Automated input eliminates human error. Recalculating the sums will highlight any clerical error on the part of the supplier. A check against the purchase order in your database will pinpoint any deviation.
- Improved Customer Service – By reducing retrieval and waiting times, your company gets a productivity jolt. Better Answers. Faster Business Processes. Satisfied Customers. All of this adds up to better and more loyal customers.
ACOM’s AP Automation Solution
Free your AP department from the constraints of manual processes with completely paperless AP automation. Contact us today to learn more.