By now, most businesses are capitalizing on improved automation solutions for their AP processes. From processing invoices all the way to paying vendors, the AP department faces a lot of challenges that can be solved through innovative automation solutions. But what exactly does this mean? Streamlining processes through automation involves understanding organization needs and smoothly automating basic or routine tasks to lower costs and reduce errors. An automation solution needs to fit your business needs, should integrate into current systems, and should actively improve the way your company captures and stores its data.
ACOM’s AP Automation solution does all this and more. In fact, this solution promises to improve staff productivity while lowering the overall cost of invoice processing by 80% to 90%. By increasing enterprise-wide visibility, your entire organization can better manage its cash flow and expenses, improve redundant or slow processes – like routing invoices for approval – and lower costs associated with the AP process. We have identified the key components of this ACOM’s solution to illustrate how it can transform your invoice process.
Digitally Capture Invoice Information
A lot of manual work goes into tracking invoice data. Not only does it take an unnecessarily long time to complete, but it is also very prone to error. Save your staff the headache of manually updating spreadsheets and logging data into disparate systems with ACOM’s capture layer. Whether your company receives paper invoices or through digital formats like emails, flat or EDI files, this automation solution can capture and digitize the information quickly and efficiently.
Your AP department can manage digital data easier, quickly pull it into reports, and access it with ease. When your vendors or partners call with invoice questions, your staff can be ready with an answer without delay. Your company will further reduce AP costs by reducing paper use since you can share digital information without needing to print and subsequently recycle documents.
Improve Workflow and Approval Routing
Streamlining your workflows is one way to improve your entire AP process. Routing invoices for approval often causes significant delays in the invoice process, resulting in late payments, missed vendor discounts, and cash management issues. By automating this process, your AP department will be able to track invoices, check on their status, notify approvers automatically, and route digital information appropriately.
Through intelligent routing and approval, ACOM’s invoice solution automates the process to improve your current invoice practices. With automated routing, you can significantly speed up the approval process and never again send late payments. Even better, your company can begin benefiting from vendor discounts by making early payments. A more consistent payment process will also improve your cash management abilities because ACOM takes the guesswork out of checking invoice status.
Seamless ERP Integration
AP automation solutions can often be costly and require separate systems for different tasks. Over time, your business may be spending more money than it’s worth on solutions that do not easily integrate into each other. This problem is made worse when old technologies become obsolete, and you are forced to spend time and resources transitioning data to a new system.
ACOM’s AP automation solution not only encompasses every area of the AP process for a more connected workflow, but it also integrates right into your current ERP or accounting software. This means that your company will not experience any delay in setting up and deploying your automation solution. Enjoy seamless ERP software integration along with a more streamlined AP process.
Secure Invoice Access and Retrieval
An ongoing frustration for AP departments is storing and retrieving invoice documents. After processing an invoice, you need to store the data itself for future auditing purposes or questions about payments during bank reconciliations. When a question comes up, it could take staff a while to track down the specific invoice they need, not to mention any supporting documents to go with it. If they do not constantly maintain and organize their filing system – which is not uncommon – tracking down information can be troublesome.
Along with ACOM’s capture layer to digitize invoice data, their enhanced digital archive offers a solution for retrieving historic data. With improved storage, staff members have much easier access to invoices and supporting documents. Reducing the amount of paper means you need less room for storage, and with a digital system, paper invoices can never again be lost or misfiled. Your clients, vendors, and internal staff can find and share information much faster with ACOM’s improved invoice storage and retrieval.
Improve Your Invoice Process with ACOM Solutions
As we have mentioned, ACOM’s AP automation solution can improve every facet of the invoice process, which will increase your staff’s productivity and lower costs. Those lower costs are related to reduced labor through automation, a reduction or elimination of paper documents, and eliminating late payments due to a delayed approval process. With less time spent waiting for invoices to be approved, tracking down paper invoices in a paper based filing system, or manually entering data into spreadsheets, your AP staff will have more time to spend on more important work.
This automation solution will work with your current ERP or accounting software, making it easy to integrate into your current AP process. Your solution should fit your business’ needs, not the other way around, which is why ACOM offers a customizable workflow so you can create a routing system designed specifically for you. Consider ACOM’s AP automation solution to be your company’s partner in transforming your entire accounts payable process.