All businesses require a strong team of individuals working together to meet deadlines and expectations. However, daily mundane tasks that take up an employee’s valuable time can result in less productivity at work, which inevitably costs your business extra money.
This is especially the case when it comes to accounts payable departments, which is arguably one of the most important departments within a business. After all, the department is responsible for paying suppliers, reconciling the bank accounts and more. Invoice matching, invoice approval and processing is a time-consuming and labour-intensive workflows that can contribute to significant backlog.
Introducing accounts payable automation: a service that will improve the way your organization handles invoices. An automated workflow can easily streamline the accounts payable process, virtually eliminating manual labour, while cutting down on invoice approval time. It’s a business advantage that could lead to significant cost-savings, for you’ll be able to maximize your employees’ valuable time and efforts, while seeing significant cost savings per invoice and process.
Accounts payable automation – commonly referred to as AP automation – is the process of automating accounts payable. Such transactions require a business to review all transactions between the business and its suppliers, ensuring all invoices are approved and paid within the appropriate timeframe. It can take anywhere from two to three days for an invoice to be processed by the time it arrives in the office. The cost of processing an invoice is a costly one – in many cases as much as $30 or more – per invoice. That’s because most accounts payable departments rely heavily on paper. Invoices are photocopied for record keeping, invoices are shuffled back and forth between individuals and departments, and so on. As such, invoices get misplaced, the wrong data is entered into the accounting system, and invoices get paid twice.
An automated accounts payable system can significantly reduce the amount of paperwork the department needs. This efficiency cuts costs and allows your employees to refocus their time on other less tedious tasks.
Automating an accounts payable workflow doesn’t mean your payables department will lose control over the workflow process. The process of automation means scanning invoices and having them securely stored on a server where they can be viewed at anytime. It eliminates the need to look at each and every individual invoice, eliminates piles of paperwork to sift through on a desk. When invoices pile up, this is when human error occurs – invoices are missed, therefore paid late, or are paid twice because of disorganization. Automation gives you and your team time to do other work, and less time is spent identifying which invoices need attention today based on pay deadlines, and which ones can wait another week.
Businesses of any size can benefit from automation simply because it repurposes an employees’ attention to focus on other activities, thus allowing your team to maximize efficiency and save money. Automation workflow systems can handle small or large volumes of invoices. More importantly, an automated workflow will prevent you from missing a payment, paying late fees, and even take advantage of early-payment discounts, all of which can be missed with manual workflow automation.
Consult ACI For Technological Advances in AP Automation
By replacing manual accounts payable processes within any organization or business, your business will largely benefit from cost-savings associated with data entry errors, while allowing your employees to be more productive overall by spending less time on tedious manual tasks often associated with accounts payable workflows. Furthermore, the ability to scan documents requires less time spent managing paper, postage and copies, which result in long-term savings for your organization or business.
If AP automation sounds like a service you could benefit from, consider ACI’s AP Assistant™ Accounts Payable Workflow Automation. Our technology can help your organization save up to $7 per invoice through an automated system.
ACI has extensive experience handling sensitive documentation. Our premises are protected 24/7 with a security monitoring system and security cameras strategically placed both outside and inside the premises to protect our platform. Our software is limited to controlled access and utilizes firewalls and other means of security throughout the entire production process to secure your files.
ACI can transform every aspect of your manual accounts payable workflow with automation. To find out how our advanced technology can have a lasting impact on your business, contact us today. We would be happy to demo our workflow product and illustrate exactly how the system works, and how you can save valuable time and dollars. To see a demonstration of how cost-effective it will be to transition to AP Automation, call us today at 1-800-719-9621 or schedule a demo by clicking the ‘Demo’ button below.
