For organizations seeking ways to streamline back-office operations, cut costs and achieve best practices, accounts payable represents an area of opportunity. This labor-intensive cost center once required many clerks to process invoices manually, which led to a variety of errors: lost invoices, duplicate payments and late payments.
AP Workflow Automation Software
Recently, new workflow software and cloud solutions have become available to automate invoice processing. AP workflow automation software eliminates the need for manual processing without taxing IT resources and, when implemented by an experienced partner, integrates with a wide variety of accounting software packages like Microsoft Dynamics GP, and enterprise resource planning systems (ERP) like SAP, Oracle and Sage.
Benefits of AP Automation
Many organizations using AP workflow automation software have experienced the following benefits:
- Reduced payment cycle time from weeks to hours
- Increased on-time payments with early payment discounts now achievable
- Inclusion of related documentation with each invoice POs, expense vouchers, recurring payments, and expense accruals
- Increased visibility for management, from bottleneck identification to impact on cash flow
- Trouble-free audits
- Elimination of paper in the approval process so you can “go green”
- No capital expense with cloud-based workflow automation
Three Simple Steps
To get started, you’ll want to identify a partner that is experienced with workflow automation software as well as your back-end accounting/ERP system. Your partner will then implement your AP workflow automation system in these three steps:
- Map out all users and decision makers throughout the organization
- Incorporate business rules, escalation scenarios and exception handling
- Complete a dry run, incorporate changes, train users, and deploy
AP workflow automation software typically functions as a module of document management software, which represents the archive where documents are securely stored and retrieved. Cloud document management has recently become available, allowing organizations to take advantage of everything the software offers at a fraction of the cost. When combined with outsourcing document scanning, organizations can cost-effectively take advantage of document scanning, workflow automation and cloud document management and without any capital expense. If you’re still processing invoices manually, it's time to consider AP workflow automation software and document management.
Message was edited by: Mike Lutz