What’s needed is a solution for the Accounts Payable workflow, one that automates the entire transaction lifecycle, including the processing of PO and non-PO invoices. Such a solution results in decreased expenses, increased efficiencies and improved customer satisfaction.
Here’s how Accounts Payable automation works:
- Invoices are received, prepared and converted to a digital form.
- Data is extracted from the digitized forms, and pre-determined business rules are applied to the workflow.
- The streamlined workflow allows for approval, denial, partial pay or pend.
- Integration of the AP process is made with existing Enterprise Resource Planning (ERP) applications, transferring the data directly into the ERP application of your choice.
And here are some of the benefits of an automated AP workflow:
- Reduced costs of up to 60 percent
- Line item detail without the need for internal manual data entry
- Significantly increased invoice turnaround, which eliminates costly late fees while capturing early payment discounts
- Improved visibility into liabilities that could be lurking in user-friendly dashboards
- Improved access to data for procurement and treasury
- Improved information control and regulatory compliance
If you’d like to experience the benefits of automated AP workflow at your organization, be sure to select a provider that combines decades of experience in the BPO arena with a continuing commitment to evolving, leading edge technology, ensuring your company will experience an increase in value across your entire organization.