Do you consider yourself a math whiz? If you work in an accounts payable department, it’s probably safe to say that you (at least) don’t mind numbers. I decided to put my math skills to the test for you number lovers out there, so bear with me.
OnBase by Hyland stated in their “Avoid The Month-End Crush” infographic that the industry average for processing an AP invoice is 8.8 days (roughly 212 hours). By managing your invoices electronically instead, you can drastically cut that time to only 4 hours. That eliminates 208 hours of waiting for each manual invoice entry!
What would you do with all that extra time? Process way more invoices? Maybe even take a proper lunch break, indulge in a nap, or get out of work on time – what a concept!
We know you have a crazy schedule and an even crazier life. Accounts payable automation can help make your life a little easier by increasing invoice volume with ease, gaining access to clear forecasting, and increasing cash flow and visibility.
Increase Invoice Volume with Ease
Unwanted errors can creep up as a result of manually entering data or performing other labor-intensive tasks. Automating your AP processes increases the accuracy of your data substantially. With time to spare, you can handle more invoices and know with confidence that your documents are being uploaded securely and correctly.
The OnBase infographic states that the industry average for early-payment discount capture rate is at 42.7 percent. With document management in place, that can drastically increase to 75 percent.
Gain Access to Clear Forecasting
With AP automation, you’ll be able to access all relevant data straight from your computer screen. Automated reports and audit trails provide you with a detailed view of expense reports and profitability.
You can provide detailed and accurate transaction history so you always know exactly what happened with a specific invoice, purchase order, or cancelled check. Authorized users have complete visibility at every stage in the process.
Increase Cash Flow and Visibility
AP automation guarantees that you’ll never have to worry about interest charges or late fees, because staff can keep track of each account’s invoice and credit notes.
The OnBase infographic states that the average industry cost for invoice processing is $9.60, but managing invoices electronically decreases that number heavily. By cutting operating costs and optimizing process efficiency, you can substantially improve cash management.
Automating AP processes is a win-win for your AP department and your company as a whole. For more information on how you can make your AP department paper free, contact one of our business process experts today or watch our webinar recording, “Next Steps Toward a Paperless AP Department,” below.