All organisations are constantly striving to reduce costs and become more efficient.
Increasing invoice volume, greater process complexity and ongoing pressure to do more with less – this is the new normal for accounts payable (AP) departments.
You have a core financial system in place to manage your transactional data, but what about the information and documents your team has to manage outside that system? What about the manual processes and piles of paperwork putting stress on your AP team?
By automating the capture and validation of invoices and making AP documents available digitally by integrating with your ERP solution, organizations reduce processing times, streamline the approval process, and shorten invoice-retrieval times to seconds. Businesses gain better visibility into the overall accounts payable process and can take advantage of early payment discounts for significant cost savings.
How does it work?
AP automation involves the automated capture and invoices, statements and related documents, electronic document management with workflow, and integration with your ERP solution. This may sound complicated, but it is actually very straight forward to achieve.
Use Workflow to automatically route and process Invoices and related documents through the right capture and approval processes
Integration with your ERP solution
Use Robotic Process Automation (bots) to automate statement and Bank reconciliations at high speed without human involvement
Massive reduction in human effort to capture information and documents
Reduced time taken to approve invoices
Direct integrations with ERP solutions, SAP, Micosoft Dynamics, Oracle, JDE, Sage etc.
Reduced paper storage and retrieval costs, including reduced costs on consumables, printer ink etc.
Detailed audit trail and reporting of all AP life cycle actions
Instant access to supplier invoices and related documents
Escalations of overdue approvals, or routing of un-address inv
Return on Investment
Research in the United States suggests that the average cost to process an invoice as paper is $30-$40, and automation reduces this to $1-$5. This represents a reduction in the costs of potentially over 80%, regardless of what Currency you are using.
When effectively implemented, AP automation solutions pay for themselves in a very short period of time and continue to deliver value to the organisation.