In a business sense this may seem impossible, or perhaps the first thing that comes to mind is I already have an accounting package, it’s cloud based which means i’m on the cutting edge right?
Wrong! most business’ accept this as the status quo but let me ask you this?
Has the digital accounts payable program you use seem more time consuming that the older methods that you were use too, does it feel like there are more steps to paying accounts than there use to be ?
well your not alone, the process of re-keying information, scanning to file or email, renaming PDF’s and uploading the documentation to your AP system can almost be more time consuming that than keeping the hard copy, putting a stamp on it and filing it away.
Where as a complete accounts payable integration will give you multiple benefits;
- Significantly reduces invoice capture and entry costs
- Provides finance management greater visibility into the AP process
- Strengthens internal controls and enforces compliance
- Reduces AP cycle times, leading to fewer late penalties and more early payment discounts
- Improves invoice data integrity, leading to fewer mistakes and reduced problem resolution
- Reduces the number of duplicate invoices entered into the ERP system
- Leverages existing ERP system, maintaining the ERP as the single source of the truth
Best practices in AP include centralised receipt of invoices, scanning invoices as soon as possible, and using workflow for invoice review, discrepancy resolution, coding and approval.
So automate accounts payable? Sure why not !