The manual
processes used for accounts payable are very inefficient and expensive. This is
especially true if your business receives a high volume of invoices each year.
Cash flow
management software automates and streamlines their processing while increasing
the efficiency of your accounts payable service. Automation makes scanning,
indexing, and billing easy and seamlessly integrates with your existing
financial and Enterprise Report Management Systems.
Automated
capture, imaging and workflows of paper and electronic documents all contribute
to creating a streamlined, highly efficient process.
Companies that
adopt accounts payable systems maximize productivity and increase
profitability.
Challenges
The high cost of an inefficient accounts payable
service is illustrated below:
·
A typical Accounts Payable
clerk processes an average of 20 bills per day.
·
There is an average of 16 days
for processing a single invoice.
·
Companies can receive millions
of invoices a year.
·
If you have not streamlined the
accounts payable processing process, you may face the following challenges:
·
High cost per invoice.
·
Manual procedures and
inefficient processing times
·
Poor visibility of the
company's expenses
·
Inability to take advantage of
early payment discounts
These challenges
can become even heavier in the case of financial mergers, which make the Accounts Payable Scanning process much
more complex. To reduce friction, treatment needs to be simplified.
Solution
Professional
services have the expertise to quickly deliver solutions to any organization
seeking to streamline and automate its accounts payable processes. The cash
flow management software enables them to increase employee productivity through
automated data capture, intelligent character and pattern recognition, and the
use of workflows.
Data, whether in
paper or electronic format, is captured, extracted and indexed for research
purposes. Important information, such as dates, amounts, and description of
products or services, is automatically recognized, validated, and routed
through workflows.
Professional services help your company streamline its
accounts payable processes in the following ways:
·
Integration with existing
systems to facilitate the transfer of information and reduce data entry tasks
·
Archiving all captured
information for future reference.
·
Automation and reuse of business
rules in approval processes
·
High visibility for cash flow
planning purposes
Advantages:
·
Abandonment of paper
·
With online payment processing,
you reduce up to 80% of manual data entry.
·
Easily annotate documents and
send revisions to other users.
·
Do not worry about possible
missing documents
·
Saving time and money
·
Speed up the processing of
accounts payable transactions and receive early payment discounts.
·
Eliminate additional storage
costs.
·
With greater transparency,
discover the bottlenecks.
·
Maintaining compliance
·
Follow everything in one
centralized system.
·
Thanks to greater visibility,
you can easily comply with the regulations.
·
Integrated record keeping
policies allow you to comply with government storage regulations.
Expertise in
accounts payable processing saves your business time, reduces costs, and
improves efficiency.
