Accounts Payable Processing is a paper-intensive function that results in large volumes of manual data entry, costly and time-consuming exceptions processes and slow turnaround. AP Processing is necessary, of course, but by automating that process with the help of a suitable outsourcing provider, you can reduce costs, streamline your entire invoicing process and free up your employees.
Here’s a quick look at how AP Automation could benefit your company:
Reduce costs: By streamlining your company’s processes and allowing your employees to focus on core competencies, outsourcing your AP and letting an automation handle the process could cut your AP-related expenses by as much as 60 percent.
Save space: In this day and age, it’s counterproductive (to say the least) to waste vast company resources storing physical files. By using AP automation to convert paper files to digital ones, your company can repurpose 35 percent or more of its physical storage space.
Prevent loss: Not of profits, but of actual documents. Storing, handling and retrieving thousands of paper documents greatly increases the risk of loss, meaning vital information could be gone forever. By outsourcing your AP processes and converting those documents to electronic files (which can be safely and securely stored at a remote location by your provider), your risk of losing those files has been greatly reduced, if not eliminated.
Faster processing: By outsourcing your AP processes to a qualified provider, you streamline your entire operation. This can accelerate invoice processing time and, as a result, eliminate late fees as well as capture more discounts that can result from early payments.
There are more benefits that come from outsourcing AP automation, including quick adoption of the process without investing in costly equipment or training, and increased security and compliance. Contact a reliable provider if these sound like something that could improve your company’s performance – and bottom line.