Accounts Payable automation, the top 10 reasons to automate your processes

Published - , by Post navigation

Share...Tweet about this on Twitter30Share on LinkedIn15Share on Google+1Share on Facebook3Share on Reddit1Pin on Pinterest0Buffer this pageEmail this to someone

business process automationMost organisations can streamline their operations in some way, shape or form – and the AP department is a great place to start this process.

Accounts payable automation is fairly easy to achieve, but the savings can be big. Who wouldn’t want to reduce costs and improve productivity? The software we produce here at V1 also typically enables companies to deliver ROI in just six months.

So here are my top 10 reasons why all businesses should at least consider an automated AP department.

  1. Save money AP departments are often drowning in paper, resulting in time wasted on filing, retrieving, copying, mailing or looking for documents that have been misplaced or lost. The time taken to find documents coupled with the manual data input can add up to more than half of the cost of invoice processing.
  2. Save timeThe average manager spends four weeks a year searching for misfiled, mislabelled or lost documents. Automated systems free up staff to concentrate on core functions rather than manual data inputting.
  3. Faster paymentBACS data suggests there is £36 billion of unpaid invoices floating around the supply chain at any one time in the UK. Automation ensures customers are in receipt of invoices sooner and guarantees a record of when the invoice was received and read by the customer. Electronic delivery also frees-up staff time spent on printing, photocopying and enveloping invoices and statements.
  4. Save spaceEach four-drawer filing cabinet holds an average of 10,000 to 12,000 documents, and can take up nine square feet of floor space. A well implemented document management system can remove the need for so much paper and release expensive space for something more appropriate.
  5. Approve on the moveMost managers like to keep a check on spending, and big ticket invoices will always need approving whether the manager is at home, at the office or in transit. Sophisticated document management systems can now give managers on the move the opportunity to authorise, reject or query supplier invoices from any web enabled smartphone or tablet.
  6. Disaster recoveryThe safe storage of business documents is a vital part of any organisation’s business continuity plan. Document management and archiving should be at the heart of this strategy to ensure key business documents are safe, and also support document retention requirements.
  7. Reduce fraudStatistics show major increases in employee fraud, with examples ranging from fictitious taxi rides to creative mileage claims. Automated expense management reduces the administration burden around claims and ensures these claims are authentic and can be properly traced and monitored.
  8. Increase visibilityAutomation enables closer monitoring of purchasing, enforcing approvals and matching individual invoices and payments to purchase orders so that anomalies can’t slip through the net. Such systems can be policed with a ‘no purchase order, no payment approach’, ensuring that no funds are issued without the requisite electronic paperwork.
  9. Boost job satisfaction – Time-consuming and repetitive tasks such as inputting data can take its toll on staff, sapping morale, reducing productivity and can even result in high staff turnover. Automating can relieve much of the mundane and allow staff to concentrate on value adding work.
  10. Tie in with the green agendaDocument management technology means less paper, which in turn means immediate gain for any firm seeking to reduce their carbon footprint. This stems from the reduction in the need for paper and fewer postal deliveries, the latter being a particularly carbon intensive process.

JRRBK6SMUTAK

Share...Tweet about this on Twitter30Share on LinkedIn15Share on Google+1Share on Facebook3Share on Reddit1Pin on Pinterest0Buffer this pageEmail this to someone
Accounts Payable automation, the top 10 reasons to automate your processes by

This entry was posted in business process automation and tagged , by Janette Martin. Bookmark the permalink.

Janette Martin

About Janette Martin

Janette has 16 years’ experience in UK business software industry. Janette worked at Sage for a number of years in roles as, Head of Sales, and most recently as, General Manager. An inspirational and driven senior leader, Janette has led highly successful teams delivering real value to customers built around customer needs for the long term, and delivering strong growth results for a sustained future. Janette has a passion for people development and customer experience, creating a dynamic and successful culture.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

(Spamcheck Enabled)

Get In Touch

Sales & Marketing enquiries
01625 856 505

Our Blog