Your organization is growing, you had someone leave the accounts payable department or you simply want to be able to promote from within. Either way you have a position open for an FTE in accounts payable. So what do you do?
Wages are on the rise, specialized accounts payable skill sets are rare, and the high cost of traditional recruiting can put a big freeze on hiring efforts. An organization may need to expand operations, but they may lack the resources and human capital to do so.
So what does a business do?
Many organizations are turning to accounts payable processing systems like workflow and invoice automation rather than going through the exercise of advertising, recruiting, interviewing and sifting through hundreds or possibly thousands of applications only to find that the talent pool is limited in this area.
With an accounts payable workflow and invoice automation system the tedious, time-consuming tasks associated with manually processing accounts payable invoices are completely eliminated. These tasks usually include the following:
The above scenario obviously varies company by company and person to person. Some people are faster and some people are slower. Some vendors invoices are easier than others. The most important thing to keep in mind is that these are non-essential tasks that can be handled by an accounts payable invoice processing system.
An accounts payable invoice processing system will be working non-stop for you. The system doesn't take breaks and never leaves the building. The system doesn't need time off, or benefits or extra's and it will always go the extra-mile for you whether you want it to or not.
You may want to consider an accounts payable invoice processing system before you write that next job posting. You may find that the descriptions are very similar. You may also find that the cost for an accounts payable invoice processing system like "Vision360 Enterprise" is less than the loaded cost of an FTE.
Contact us directly for more information or consider attending one of our informational webinars.
Studies show that best-in-class companies outperform other businesses by automating their invoicing processes, and other key business processes, with document imaging and workflow stems. According to Aberdeen Research’s “Invoicing and Workflow” study, businesses that automate their account payable operations reap significant advantages—including processing their invoices significantly faster and at much lower cost.
For companies that fail to automate, the study found, “Paper invoices and manual processing continue to hamper accounts payable operations, keeping suppliers in the dark and failing to give accounts payable the visibility it needs to actively manage organizations’ cash positions.”
Best-in-class companies, on the other hand, overcome this impediment by pursuing “comprehensive accounts payable automation to drive continued performance improvement.” The end goal is to maximize the impact of automation on all accounts payable processes, from receipt to scanning to approval workflow through payment.
How well does automation improve invoicing operations? According to Aberdeen’s research, best-in-class companies outperform their peers by a considerable margin, taking 3.8 days and a cost of $3.09 to process an invoice vs. the industry average (middle 50%) of 9.7 days and $15.61 per invoice. For the bottom 30%, it takes 20.08 days at a cost of $38.77 per invoice.
Respondents who implemented document imaging and workflow automation reported 21% lower invoice processing costs than others, while also securing early payment discounts on more than twice the number of transactions. Further improvements, the study found, can be gained from integration with back-end financial and ERP systems and the use of performance-monitoring dashboards.
A Surge in Workflow Deployment
Aberdeen Research’s findings jive with those of PayStream Advisors’ latest “Invoice and Workflow Automation” survey, which showed that electronic invoicing and automated workflow are both experiencing increased adoption, as more companies strive to migrate from a manual paper-based invoice system to an efficient automated system.” As PayStream Advisors notes, “Skeptics may still doubt the ROI of automated approval workflow, but it is getting harder to defend that position in the face of the facts.”
PayStream Advisors’ study, which surveyed 500 accounts payable professionals, showed that the top three financial automation technologies that have been most useful include eInvoicing, workflow, and front-end imaging/OCR. Electronic invoicing and automated workflow are the top automation goals for accounts payable in 2013, the study showed.
The number-one benefit cited for approval workflow was the quicker approval of invoices (76 percent), while one-half were able to increase employee productivity, and nearly 60% reported lower processing costs.
As PayStream Advisors notes, invoice processing can be expensive and time consuming when performed using manual processes and paper documents, while electronic invoicing and automated workflow can lower costs and speed up processing.
Overall, more than one-half of companies that adopted eInvoicing solutions cited a reduction in labor or processing costs and faster approval cycles as key system benefits, as well as greater visibility into spending, improved cash management, and an increased ability to capitalize on early-payment discounts.
As workflow technology becomes easier to deploy and more affordable, including software-as-a-service offerings, more businesses are able to obtain the benefits. As PayStream Advisors reported, “The market for electronic invoicing and automated workflow continues to open up as adoption trickles down from large organizations to small and medium enterprises.”
About Vision360 Enterprise and BlueCreek Software: BlueCreek Software is the developer of industry leading accounts payable automation system, Vision360 Enterprise. Vision360 Enterprise provides accounts payable automations services, systems and solutions to leading companies across the United States and Internationally. For more information about our Vision360 Enterprise accounts payable automation solutions please contact us www.Vision360Enterprise.com or call (603) 437-1400.
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The process of evaluating accounts payable automation solutions can be a daunting and very confusing task with all the options and possibilities.
Let's face it, accounts payable automation is not a new concept and has been around for years now. Once upon a time this type of solution was for the big boys, but today companies of all shapes and sizes can realize a significant benefit and reduction in accounts payable.
If you're interested in the cost of accounts payable automation to decide if this is even doable for your organization or need a quote to satisfy your purchasing requirements then consider using our "SELF-SERVICE" quoting system.
Vision360 Enterprise Accounts Payable Automation Solution by BlueCreek Software reduces time wasted chasing down paper invoices by automating invoice approvals, eliminating manual data entry, eliminating paper invoices and reducing processing costs.