Forward-thinking business owners understand that a substantial amount of waste comes from manual effort to move paper invoices through the accounts payable process. It’s true that too much human interaction with the manual processing of invoices will cost your company money.
Your accounts payable team may be looking at half a day or longer of resource time for each step in an invoice handled through manual processing. During busy periods, it could take weeks for an invoice to make its way to finally being paid. In the meantime, manually processing your invoices increases the risk of them getting lost, misfiled, and then relocated for payment or when needed for annual regulatory audits.
In the end, manual invoice processing results in higher invoice processing costs per invoice, slower invoice approval, and added waste.
However, a touchless invoice process with accounts payable automation technology can give you substantial savings per invoice with a paperless automation solution.
What is Touchless Invoice Processing?
A touchless invoice processing solution keeps invoice processing digital, significantly reducing human errors, lessening your company’s environmental impact, and minimizing the legwork of your finance team to move paper between departments.
Ash Conversions International’s (ACI) AP Automated solution creates a completely touchless invoice process that streamlines how your AP team interacts with your invoice. It’s a perfect accounts payable solution that replaces your manual processes with technology that makes invoice management easier and more cost-effective.
Here’s how our AP Automation solution works to improve your invoice processing system:
- The AP Automation system performs seamless invoice capture for both hardcopy and digital documents
- Optical character recognition (OCR) accurately scans and captures relevant data from the invoices
- The digitized invoice contains and stores information such as vendor name, invoice number, invoice amount, product and service details, and more
- Invoice information can be retrieved, reviewed, and approved online by authorized end-users for payment
Our secure, cloud-based document management platform called FileManager™ stores your invoice images and data files while allowing your AP team, account managers, and other internal stakeholders real-time remote visibility into your AP system.
ACI’s AP Assistant™ tool also offers the power of machine learning that adds an extra layer of artificial intelligence with every scanned and processed invoice. This feature provides better invoice classification and more accurate data validation, leading to fewer exceptions and a more efficient invoice approval system.
Benefits of Touchless Accounts Payable Invoice Processing
Going to a touchless invoice process means fewer lost supplier invoices, more accurate data capture, reduced search time, and less manual movement of paper through the office or composing numerous emails.
Fewer errors mean easier forecasting of expenses that could be used to grow your business faster. Additionally, touchless invoices are moved more quickly through the internal review process, allowing faster payments and avoiding late payments. Paying your invoices faster opens up the opportunity for early-payment discounts from suppliers, improving your cash flow.
Touchless invoice processing eliminates misery from missing invoices, inadequate recordkeeping, or angry auditors. You’ll be keeping your business more competitive by improving supplier relationships and investing your additional cash flow into new products, marketing solutions, or other strategies that help you grow your business faster.
The bottom line is that faster invoice processing helps your accounts payable department be more efficient, making your company more profitable as a whole.
Obstacles To Touchless AP
Many companies are aware of the substantial cost savings with accounts payable automation yet are still reluctant to implement it. In many cases, this is because of change resistance or concerns over training your staff on something completely new.
The good news is that ACI’s invoice automation solution is extremely user-friendly to operate. Our cloud-based AP technology features easy-to-use invoice searchability and reviewing and seamlessly integrates into most corporate ERP systems. ACI will be by your team’s side with fun, engaging learning modules for fast, pain-free staff onboarding.
How ACI’s AP Automation Can Help Your Organization Move Toward Touchless Invoice Processing
Ash Conversions International can help streamline your invoice management system with a cost-effective AP Automated solution that makes invoice processing more manageable and more efficient.
For over 40 years, ACI has specialized in transforming how companies run their business processes with efficient, cost-effective solutions, including AP invoice scanning. ACI offers customized AP automated solutions designed to increase efficiency, streamline operations, and save money.
Consider ACI your trusted partner in growing your business with intelligent, tech-driven business solutions.
Click the button below and contact us today to learn more about how ACI’s invoice imaging and AP Automation solutions and services can help make your business more profitable.
