Avoid costs, issues of invoice processing with AP automation

Avoid costs, issues of invoice processing with AP automation
Invoice processing can be one of the most costly, time-consuming processes an organization must contend with. According to an IFO/US Bank Survey, here are the challenges most companies see regarding invoice/accounts payable processing:

73 percent: Manual Data Entry

57 percent: Routing invoices for approval

56 percent: Resolving errors and exceptions

44 percent: Overall payment costs, including staff, processing, etc.

40 percent: Lost or missing invoices

20 percent: Lack of visibility across the invoice-to-pay process

None of those are trivial issues, and combined, they could drastically affect an organizations’ bottom line and ability to attract (and keep) clients. There is a solution, however: automating the accounts payable process by outsourcing it to reliable AP automation provider.

The key is finding provider who takes the process to the next level. That means a process that combines invoice capture, management and integration into a single, comprehensive end-to-end payables solution. That means your organization gets one solution that addresses all your AP processing needs – no matter what format invoices are received at your company. Outsourcing to the right AP automation provider means the process will integrate easily with your organization’s existing processes and systems, and the cost – and start-up time – will be greatly reduced in comparison to planning and launching an on-premise solution.

Here’s how the process should work:

  1. Invoices are received, prepared and converted to a digital format.
  2. Data is extracted, and business rules are applied to drive the workflow.
  3. The streamlined workflow allows for approval, denial, partial pay or pend.
  4. Integration is made using your organization’s existing ERP (Enterprise Resource Planning) applications.

Making the right choice in choosing an AP automation provider can be one of the most important decisions a company makes. Instead of paying too much and devoting too many resources to the time-consuming and costly task of invoice processing, your organization can be enjoying the benefits of reduced costs, a streamlined workflow and greater security and compliance. And to make even more improvements in your organization’s processes, consider an entire Centralized Mailroom solution to handle all your inbound documents.

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