Learn about five benefits of accounts payable automation.
Automation of accounts payable processes is a hot topic, but for a good reason. Accounts payable processes are time-consuming and prone to error. Even places that think they’ve automated by only sending and receiving invoices by email end up printing them because their actual processes are not automated. In fact, 66% of AP processes are paper-based today, and the average invoice costs over $11 just to process. 62% of accounts payable costs come from the labor of opening mail, inputting data, and manually reconciling invoices. By automating your processes, you could save a lot of money for your business and reap these great benefits.
Eliminate Paper
Automating your accounts payable processes will free you from paperwork, at least as far as invoices go. All of the invoices will come to your dedicated PO Box, and we will sort and open them and capture the data. You won’t have to spend time on that, and you won’t have to deal with the paperwork when it’s done.
Improve Efficiency
Invoices currently may sit on someone’s desk or in the inbox for days or weeks before being opened, especially if the person has other duties or goes on vacation. When your invoices come to us instead, you can be sure they will be opened promptly, and the data will be captured and sent to you through AP workflows.
Increase Accuracy
Manually keying in data is a tedious process prone to a lot of user error. It also leaves open the possibility of different people keying in two different copies of an invoice for the same service. Automated data capture solves this issue. When your invoice data arrives, you can be sure that it is accurate and on time, and you won’t have to ever worry again about paying late or overpaying.
Increase Control
Once you automate, everyone who needs to know what’s going on can see it for his or her self. The workflow will help you to always know where an invoice is in the process, who is responsible for it, and when it should be completed. You won’t have to send emails requesting updates and wait for replies, improving the efficiency of your accounts payable department.
Improve Vendor Relations
Some automation systems even give you the option to set up a portal for your vendors. Through it, they can log in and view payment status in real time. This eliminates the back and forth that often occurs on the phone or over email, and frees your employees up to focus on more important tasks.
Questions? Micro Records is Here to Help
If you have more questions about document management software, Micro Records is here to help you with all of your needs. We can help your business to transition to a paperless way of life with outstanding e-forms and technology. For more information about how we can help you implement your new document management software, visit us online or give us a call at 877-410-SCAN. For more tips, tricks, and to see what we have been working on, be sure to follow us on Facebook, Twitter, LinkedIn, YouTube, and Flickr.