WHY IMPROVE YOUR ACCOUNTS PAYABLE PROCESS?
The Accounts Payable Process within many Accounts payable departments is very inefficient and AP Teams have been forced to do more with less resources and often times feel like they're operating in the dark. Suppliers invoices are often times flowing throughout the company with little to no access, accountability or knowledge of them by the accounts payable department.
This often leads to the accounts payable department being caught off guard and looking a bit foolish to the vendors. By improving the accounts payable process your team will have complete visibility to supplier invoices using AP Automation which will lead to time savings, cost reduction and improved vendor relations.
This often leads to the accounts payable department being caught off guard and looking a bit foolish to the vendors. By improving the accounts payable process your team will have complete visibility to supplier invoices using AP Automation which will lead to time savings, cost reduction and improved vendor relations.
Costs to Process an AP Invoice
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Pressures Driving AP Process Improvements
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The Benefits of Improving the Accounts Payable Process
- Automated capture of supplier invoices
- Eliminate the need to print emailed supplier invoices
- Eliimination of manual invoice entry
- Simplify GL coding and chart of account access
- Auto-route Non-PO invoices to approvers for review
- Perform 2 or 3-way matching of invoices
- Send email reminders, alerts and escalations of invoices for review
- Improve invoice exception processing
- Apply validation rules to ensure accuracy of data
- Enforce processing rules for compliance and fraud prevention
- Reduce and eliminate many manual steps required today
- Streamline the accounts payable process
- Realize a significant payback as much as 60-80% savings
