According to a report on the Accounts Payable & Procure to Pay Network, paper-based and processing and disbursements that are either manual or only semi-automated can create hidden costs that eat away at a company’s income and profitability.
Those costly and problematic areas include:
- Manual processes
- Processing errors
- Poor cash flow visibility
- Poor spend management
- Too many exceptions
- Risk of fraud
- Fragmented systems
But by converting accounts payable to an automated process, an organization can change those negatives into positives. Automating their AP processes with a single platform by outsourcing to a reliable provider has been proven to significantly reduce costs, processing time and employee efforts.
Such a provider, using leading-edge technology and time-tested practices, can:
- Reduce costs by as much as 60 percent
- Reduce physical file storage space by as much as 35 percent
- Reduce lost documents by an average of 66 percent
- Increase line-item detail, without the need for internal manual data-entry
- Significantly accelerate invoice processing turnaround to eliminate late fees and capture more early payment discounts
- Enhance information control and regulatory compliance
If you’re part of an organization that is looking to increase profit margins – and really, what organization isn’t? – outsourcing your AP processes to a reliable automation provider should be the first thing you do. It can reduce costs, increase compliance, streamline your operation and free up your employees to concentrate on your business’ core competencies.